ADV - Advantage Solutions sells Strong Analytics to OneSix marking another step in its business simplification | Benzinga
ST. LOUIS, June 10, 2024 (GLOBE NEWSWIRE) -- Advantage Solutions Inc. (NASDAQ:ADV), a leading business solutions provider to consumer goods manufacturers and retailers, today announced it has sold Strong Analytics, a designer and developer of custom software solutions, to OneSix.
Terms of the sale, which closed June 7, were not disclosed.
Strong Analytics, which Advantage acquired in 2021, provides a range of data science services primarily to brands in the pharmaceutical, marketing and hospitality industries. A substantial majority of the brands Strong serves fall outside of Advantage's core retailer and consumer packaged goods clients.
As part of the sale, Strong will fold into OneSix, a Chicago-based data engineering and technology company.
"As we continue to execute on our strategy to simplify our business, this transaction represents another step in sharpening our focus on our core capabilities," said Advantage Solutions CEO Dave Peacock. "We thank the Strong Analytics team for their contributions and wish them the best in their future endeavors with OneSix."
The sale advances Advantage's broader growth acceleration plan, which includes efforts to simplify its portfolio — enabling greater focus on the company's core capabilities while creating the capacity to strengthen its balance sheet, drive productivity and fuel growth.
The company intends to use the majority of proceeds from the transaction to reinvest in its business and reduce its debt as it continues to progress toward its target of achieving a net-debt-to-adjusted-EBITDA ratio of less than 3.5 times.
Today's sale builds upon a series of transactions completed in recent months, including two deals completed last month: the sale of ...