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Epicor Announces Spinoff of Epicor Retail Solutions Business

05.11.2015

Epicor Software Corporation, a global leader in business software solutions for manufacturing, distribution, retail and services organizations, today announced a spinoff of the Retail Solutions Business into a separate privately-held company under common ownership by funds advised by Apax Partners.

Referred to as “SpinCo” until the transaction is finalized, the Epicor Retail solutions business continues under the leadership of Noel Goggin, executive vice president and general manager, currently reporting to Joe Cowan, president and chief executive officer, Epicor Software. Epicor also announced a simplified corporate structure aligned to its ‘customer-first’ culture – see news release: Epicor Announces New Business Initiatives to Enhance Customer Experience and Accelerate Growth.

“The spinoff of our retail business will ultimately deliver increased value to the customers of both resulting companies,” said Cowan. “We believe this move will enable both businesses to become more focused, better positioned for growth and capitalize on the unique competitive opportunities faced by each.”

“It is a very dynamic and transformational time in retail and I am thrilled with the opportunities an independent, focused entity offers us to better serve our clients. SpinCo will be uniquely positioned to bring advanced technology and entrepreneurial innovation into today’s fast-paced environment of global retail,” said Goggin.

“We are excited about the potential for both Epicor and SpinCo. Both companies will have strong management teams and will be well positioned for future growth opportunities. The focus of each entity on their core markets will result in an even better customer experience,” said Jason Wright, Apax Partners.

In addition, Epicor announced a proposed debt offering of $2.1 billion. The proceeds will be used to refinance the Company’s outstanding $1.3 billion in debt obligations, refinance $400 million of notes held by the Company’s indirect parent and to fund a dividend distribution to shareholders.

The completion of the debt refinance and related spinoff transaction are expected to occur in June 2015. For this transaction, Jefferies Group LLC is serving as financial advisors and Kirkland & Ellis is serving as outside legal counsel to Epicor.

epicor.com

May 11, 2005Cassie Balentine
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