Exclusive members club Soho House will go private in a $2.7 billion deal with a change of leadership roles as per a press release by the company. The update comes after four years of trading on the New York Stock Exchange, a period in which the company’s shares have decreased in value.
As part of the take-private agreement, MCR’s chairman and CEO, Tyler Morse and an investor group led by the respective company will purchase common shares of the company not already in the hands of significant stakeholders.
The company also announced the hire of Mr Neil Thompson as the new Chief Financial Officer.
The offer will compensate shareholders of common stock $9 per share, a slight increase of 2.27% over the company’s current price of $8.80.
“Since our IPO in 2021, we’ve focused on building a stronger, more resilient business. Against a backdrop of challenging economic conditions and global uncertainty, from 2022-2024 we delivered consistent, disciplined growth with revenue increasing at an average annual rate of double digit growth, and adjusted EBITDA growing at over 50% annually during the same period,”
Source: Google Finance
For the second quarter, revenues were $329.8 million, of which membership revenues $118.6 million and in-house revenues were $132.5 million. Attributable net income was $24.9 million.