Is it a good time to buy Nexeo Solutions Inc. (NASDAQ:NXEO)? Peter S. Park seems to think so, as his fund, Park West Asset Management has disclosed a fresh stake in the company through a recent filing with the Securities and Exchange Commission. Mr. Park’s fund now holds roughly 4.27 million Nexeo shares in addition to warrants to purchase up to 829,369 shares, giving it economic exposure to some 5.7% of Nexeo Solutions’ common stock.
Nexeo Solutions Inc. (NASDAQ:NXEO) was formed following the acquisition of Nexeo Solutions Holdings by WL Ross Holding Corp, billionaire Wilbur Ross‘ investment vehicle. The deal was valued at approximately $1.6 billion and included both cash and stock and closed during the second quarter. Following the completion of the takeover, the new entity changed its name to Nexeo Solutions. The company is now the largest plastic distributor in the U.S and the largest chemical and plastics distributor in the world. With the U.S chemical industry currently undergoing a broader shift, the management of Nexeo Solutions plans to cement its position as a leader through further M&A.
Jeffrey Tannenbaum‘s Fir Tree held 4.87 million shares of Nexeo Solutions Holdings, the predecessor of Nexeo Solutions Inc., at the end of March, down by 2% over the quarter, and was the largest shareholder of the stock among the funds followed by Insider Monkey. Joshua Friedman and Mitchell Julis‘ Canyon Capital Advisors was also invested heavily in the company, holding exactly 3.9 million shares, unchanged during the quarter.
You can access the original SEC filing by clicking here.
Ownership Summary Table
|Name||Sole Voting Power||Shared Voting Power||Sole Dispositive Power||Shared Dispositive Power||Aggregate Amount Owned Power||Percent of Class|
|Park West Asset Management||5,096,280||0||5,096,280||0||5,096,280||5.7%|
|Peter S. Park||5,096,280||0||5,096,280||0||5,096,280||5.7%|
Page 1 of 9 – SEC Filing
NEXEO SOLUTIONS, INC.
(Name of Issuer)
COMMON STOCK, $0.0001 PAR VALUE PER SHARE
(Title of Class of Securities)
June 22, 2016
(Date of Event Which Requires Filing of this Statement)