Advantage Solutions sells foodservice business collection for $100M to form Acxion Foodservice

Advantage Solutions Inc.

Total proceeds of ~$100M, predominantly cash, plus a 7.5% stake in the combined entity Acxion Foodservice.
Transaction closed Jan 31, 2024; foodservice units (Waypoint, Marlin, Primeline, etc.) combine with KeyImpact.
Proceeds to be used primarily to pay down debt, strengthening the balance sheet and focusing on core retail.
Follows prior divestitures: Atlas Technology sold Oct 2023 and Advantage Smollan stake reduced to 49.6% in Dec 2023.
Advantage retains a seat on Acxion's board and will maintain a close working relationship.

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