The Dime💰 - Soho House Goes Private Again

Remember when I said Private Markets are the new Public Markets? Well, Soho House decided to tell you that Carl is right as it agreed to go private. The headline is simple, shareholders get $9 per share in cash, a deal that implies about $2.7 Billion of enterprise value, with majority shareholders like Ron Burkle and Yucaipa rolling their stakes, MCR stepping in as a new lead investor, Ashton Kutcher joining the Board of Directors, and Apollo and Goldman Sachs Alternatives providing a hybrid financing package.

The reality behind the headline is a legal machine that kicks into gear the moment a board chooses private over public. This week I am walking through the mechanics, the filings, the committees, and what actually happens to you if you hold common stock on the day a take-private closes. If you are a founder, operator, or investor, this is the playbook you will eventually see up close. Sources throughout include the company’s announcement and related SEC materials.