Advantage Solutions acquired Take 5 Media Group for $81.6 million total consideration, including $4.6 million fair value of contingent consideration and $0.8 million of holdback liabilities., a transaction completed in April 2018, structured as Asset purchase — Advantage acquired certain assets and assumed certain liabilities of Take 5 for total consideration of ~$81.6 million (including $4.6 million contingent consideration and $0.8 million holdbacks)..
Take 5 Media Group operates in Digital marketing / media (Marketing segment). Take 5 Media Group was a digital marketing and media business that Advantage acquired on April 1, 2018 for total consideration of about $81.6 million. Following a 2019 investigation that identified misconduct at the business, Advantage terminated all Take 5 operations, ceased using its trade names, and offered refunds to Take 5 clients. The company determined that Take 5's fiscal 2018 revenues had been improperly recognized and restated its previously issued 2018 financial statements. Advantage voluntarily disclosed the misconduct to the U.S. Attorney's Office and the FBI, pursued arbitration against Take 5's former owners, and in May 2020 recovered $7.7 million under its representation-and-warranty insurance policy.
The purchase was part of Advantage's program of acquiring marketing agencies to expand its digital marketing capabilities (one of nine businesses it acquired during 2018).
Added digital marketing and media capability to Advantage's marketing segment. Marketing segment (operations subsequently terminated).
On April 1, 2018, the Company acquired certain assets and assumed liabilities of Take 5 Media Group (“Take 5”) for total consideration of $81.6 million, including the fair value of contingent consideration of $4.6 million and holdback liabilities of $0.8 million.Advantage Solutions Inc. FY2020 Form 10-K, Take 5 Matter note
Advisory firms were not disclosed for this transaction.