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Allen & Overy advised Algeco Investments B.V. and Arrow Holdings S.a. r.l. in connection with the $1.3 billion sale of the specialty rental accommodation and hospitality businesses of Target Logistics Management and RL Signor Holdings


March 15, 2019

Allen & Overy represented Algeco Investments B.V. and Arrow Holdings S.a. r.l., portfolio companies of TDR Capital, in connection with the sale of the two leading specialty rental accommodation and hospitality services businesses in the United States, Target Logistics Management, LLC (“Target Lodging”) and RL Signor Holdings, LLC (“Signor Lodging”), to Platinum Eagle Acquisition Corp. (“PEAC”), a NASDAQ-listed, special purpose acquisition company, for aggregate consideration of approximately $1.3 billion. 

Allen & Overy’s New York private equity and leveraged finance teams advised on the transaction, which included the merger agreements governing the sale of the two businesses and related documentation, a $340 million bond offering, a $125 million senior secured ABL facility and an S-4 proxy statement/prospectus for Platinum Eagle’s shareholders to approve the transaction. 
The business combination, which was approved by Platinum Eagle’s shareholders on March 6, 2019, officially closed on March 15, 2019, creating the largest vertically integrated provider of specialty rental accommodation units with premium catering and value-added hospitality in the United States.  Upon completion of the business combination, Platinum Eagle was renamed Target Hospitality Corp. 

The Allen & Overy team was led by partners Bill Schwitter, Jeff Pellegrino and Michael Chernick in New York with significant support from senior counsel Beth Troy and associates Sarah Travis, Eliza Murray, Nitzan Weizmann, Joe Bolognese and Rachel Lee assisting in all aspects of the transaction. Brian Jebb and Amanda Albert provided employment advice and Dave Lewis provided tax advice with support from Brian Schultz and John Hibbard.  Jamie Hughey, Zachary Frimet, Daniel Resnick, Lucas Burbank and Mel Lee provided leveraged finance support.




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