The Churchill Success Story
In January 2019, Churchill Capital Corp announced a merger with Clarivate Analytics Plc, a leading global provider of comprehensive intellectual property and scientific information, analytical tools and services. As part of the $4.2 billion transaction, Churchill Capital Corp chairman and former IHS Markit Ltd. Chairman and CEO Jerre Stead joined the Clarivate team and together they will pursue future organic growth and M&A opportunities.
“Clarivate is a leading global provider of comprehensive intellectual property and scientific information, analytical tools and services. The company’s products support the critical decisions made by universities, businesses, governments and law firms in the discovery, protection and commercialization of new and existing ideas and brands.
Clarivate common stock is traded on the NYSE under the symbol “CCC”.
The Clarivate acquisition provided CCC investors with an attractive investment opportunity that was characterized by an industry-leading, world-class management team with a history of creating significant shareholder value through superior operational performance, positive long-term trends in each of the Clarivate’s operating markets, significant organic and accretive growth opportunities, a clear path to meaningfully reduced balance sheet leverage, and a compelling valuation relative to its peers. Clarivate’s platform supports footprint expansion with new and existing customers and entry into new markets. In addition to already identified and existing opportunities (three tuck-in acquisitions closed by the date of the business consummation), the Churchill team will seek incremental acquisition targets and intends to increase EBITDA growth substantially through inorganic growth.
Investors in Churchill Capital Corp’s initial public offering who held the stock and warrants through May 13, 2019, the closing date of the initial business combination, saw a total return of approximately 51% and a 1.5x multiple on their invested capital over the 8 month hold period.
On May 20, 2019, Clarivate Analytics announced that Executive Chairman of the Board of Clarivate, Jerre Stead, will expand his role in the company and become Chief Executive Officer. Jay Nadler will transition from his role as CEO and member of Clarivate’s board of directors at the end of the second quarter and will serve as an advisor to the company through year-end. Jerre Stead has had a long and very successful career as a public company CEO generating value for investors including, over the last two decades creating a world leader and one of the fastest growing companies in the information services sector. He recently served as Chairman and CEO at IHS Markit, Ltd. and previously as Executive Chairman and CEO at IHS Inc. Mr. Stead currently serves as Executive Chairman of Clarivate.