Acosta emerges from bankruptcy with $325 million in new equity capital

By Caroline Salls

Pittsburgh, Jan. 2 – Acosta, Inc.’s new investors funded $325 million in new equity capital upon its emergence from Chapter 11 bankruptcy, according to a company news release.

As previously reported, the plan took effect on Dec. 31.

Acosta said in the release that its largest shareholders include funds associated with Elliott Management, Oaktree Capital Management, LP, Davidson Kempner and Nexus Capital Management. The investor group is composed of funds that manage nearly $200 billion and have made a strategic decision to capitalize the business with the new equity capital and zero funded debt.

According to the release, a newly reconstituted board of directors will be comprised of Acosta chief executive officer Darian Pickett, representatives from the new ownership group and other industry experts.

“We now have the strongest balance sheet in the industry,” Pickett said in the release.

Acosta is a Jacksonville, Fla.-based full-service sales and marketing agency. The company filed bankruptcy on Dec. 2 under Chapter 11 case number 19-12551.

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