Cerberus Money Management Announces Sale of YP Holdings to Dex Media
Resource Cerberus Capital Management, L.P.
Goldman Sachs served as a financial Adviser to YP, while Schulte Roth & Zabel LLP acted as legal Counselor to YP. Moelis & Company functioned as economic adviser to Dex Media, while Weil, Gotshal & Manges LLP acted as lead Legal counsel to Dex Media.
Regarding Cerberus Capital Management, L.P.
Set up in 1992, Cerberus Capital Management, L.P. is among Earth’s leading private investment firms. Cerberus contains significantly more than US £ 30 billion under control committed to three complementary strategies: PrivateEquity; worldwide bank opportunities (that comprises non-performing loans, company credit and distressed debt, mortgage securities and belongings, and immediate lending); and property investment. From Its Own headquarters in New York City and network of Advisory and Affiliate offices in the U.S., Europe and Asia, Cerberus has the on-the-ground presence to Put Money into multiple asset Categories Internationally.
“Blending YP and Dex can be a all-natural evolution of the business. DexYP™ will leverage the ability of our manufacturers, our existence, and our people to make a more impressivea better thing,” stated Jared Rowe, CEO of all YP. “trying to assist local companies succeed has ever been our mission and this combination will probably ensure we’ll carry on to execute that mission. This trade also builds upon most of the terrific perform YP has jointly done within the past five decades. For the whole management team, I wish to thank Cerberus and AT&T for their venture through the last few years and, above all, thanks to all our YP workers for their tireless efforts to generate our company much better every day.”
Newyork, June 30, 20 17 /PRNewswire/ — Cerberus Capital Management, L.P. (“Cerberus”) today declared that YP Holdings (“YP”), a top local advertising solutions provider in the U.S., has been developed by Dex Media. YP’s flagship consumer brands include YPSM program, yellowpages.com as well as also The Real Yellow Pages® listing, that will now be a portion of the combined company, to be appointed DexYP™. Financial terms of the transaction proved not revealed.
Cerberus’ Expense in YP Commenced in 2012 when it acquired a Vast Majority stake in the original Yellow Pages print and digital Industry from AT&T, That retained a minority equity interestRate. Ever since a business has already rebranded to YP and evolved to one of many primary digital local advertising platforms in the U.S., with a large crowd of more than sixty million monthly unique traffic across its properties, whilst still printing more than 1000 traditional directories in 21 states. YP’s revenues in 20-16 were approximately £1.6 billion.
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“Within the last five decades, Cerberus did tirelessly together with YP to manage its publish directories sector while transforming the organization to a top independent regional electronic advertising solutions provider in the U.S., ”” stated Steven F. Mayer, Co-Head of international Private Equity and Senior Managing Director of Cerberus. “Cerberus’ proprietary operations team and the talented management and employees of all YP had been instrumental in this transformation”
Added Michael F. Sanford, Co-Head of both united states Private Equity and Working Director of Cerberus, “This successful exit, with two recapitalizations, generated very good returns for our traders. I’d really like personally to thank all of people at YP who labored so challenging to guide the corporation by way of this evolution, and would like to convey our gratitude to the partners at AT&T who have supported us throughout this practice.”
This trade combines two renowned companies to generate the largest national supplier of local advertising solutions. This will cause industry gains including solution invention and a nationwide stage allowing small organizations to contend and connect together with ready-to-buy customers.
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