Advantage Solutions completes sale of Jun Group

Advantage Solutions has completed the sale of digital advertising platform Jun Group to Verve Group. Gross proceeds from the sale, which was announced in June, are approximately $185 million. Advantage received approximately $130 million in cash at close. As part of the purchase agreement, Verve Group is slated to pay two additional installments 12 months and 18 months post-close. Advantage plans to use the majority of initial proceeds to pay down debt and reinvest in the business. The company remains committed to reducing its net leverage ratio over the long-term to less than 3.5 times.