Jacksonville, FL — Acosta, Inc. has emerged from Chapter 11 less than a month after filing, as the sales and marketing agency has eliminated approximately $3 billion in long-term debt, reorganized and received a $325 million infusion of equity capital, according to the company.
The reorganized firm’s largest shareholders now include funds associated with Elliot Management; Oaktree Capital Management, L.P.; Davidson Kempner; and Nexus Capital Management. Collectively, the investor group manages nearly $200 billion, according to Acosta.
The company’s board of directors will now be comprised of Acosta CEO Darian Pickett, representatives from the new ownership group and other industry experts.
“We are starting this new year by launching an exciting new chapter for Acosta and our key stakeholders,” Pickett says. “We now have the strongest balance sheet in the industry. Looking ahead, our focus remains on working hard and delivering innovative advancements and industry-leading solutions in order to be the strongest possible partner for our clients and customers. As we embark into the future as a stronger Acosta, we will continue to build on our successes, while upholding our core values of integrity and trust, to better serve our clients and customers for years to come.”