UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. )*
Emerald Holding, Inc.
(Name of Issuer)
Common Stock, par value $0.01 per share
(Title of Class of Securities)
29103W104
(CUSIP Number)
Andrea E. Daly, Esq.
c/o Onex Corporation
161 Bay Street P.O. Box 700
Toronto, ON, Canada M5J 2S1
+1 (416) 362-7711
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
June 29, 2020
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the following box. ☒
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7(b) for other parties to whom copies are to be sent.
* | The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. |
The information required on the remainder of this cover page shall not be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
CUSIP No. 92766K106 | 13D | Page 1 of 38 pages |
1 |
Names of Reporting Persons
Onex Corporation | |||||
2 | Check the Appropriate Box if a Member of a Group (a) ☐ (b) ☐
| |||||
3 | SEC Use Only
| |||||
4 | Source of Funds (See Instructions)
OO | |||||
5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
☐ | |||||
6 | Citizenship or Place of Organization
Ontario, Canada |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | Sole Voting Power
0 | ||||
8 | Shared Voting Power
121,453,277 | |||||
9 | Sole Dispositive Power
0 | |||||
10 | Shared Dispositive Power
121,453,277 |
11 |
Aggregate Amount Beneficially Owned by Each Reporting Person
121,453,277 | |||||
12 | Check if the Aggregate Amount in Row (11) Excludes Certain Shares
☐ | |||||
13 | Percent of Class Represented by Amount in Row (11)
83.0% | |||||
14 | Type of Reporting Person
CO |
CUSIP No. 92766K106 | 13D | Page 2 of 38 pages |
1 |
Names of Reporting Persons
Gerald W. Schwartz | |||||
2 | Check the Appropriate Box if a Member of a Group (a) ☐ (b) ☐
| |||||
3 | SEC Use Only
| |||||
4 | Source of Funds (See Instructions)
OO | |||||
5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
☐ | |||||
6 | Citizenship or Place of Organization
Canada |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | Sole Voting Power
0 | ||||
8 | Shared Voting Power
121,923,860 | |||||
9 | Sole Dispositive Power
0 | |||||
10 | Shared Dispositive Power
121,923,860 |
11 |
Aggregate Amount Beneficially Owned by Each Reporting Person
121,923,860 | |||||
12 | Check if the Aggregate Amount in Row (11) Excludes Certain Shares
☐ | |||||
13 | Percent of Class Represented by Amount in Row (11)
83.3% | |||||
14 | Type of Reporting Person
IN |
CUSIP No. 92766K106 | 13D | Page 3 of 38 pages |
1 |
Names of Reporting Persons
Onex Partners III LP | |||||
2 | Check the Appropriate Box if a Member of a Group (a) ☐ (b) ☐
| |||||
3 | SEC Use Only
| |||||
4 | Source of Funds (See Instructions)
OO | |||||
5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
☐ | |||||
6 | Citizenship or Place of Organization
Delaware |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | Sole Voting Power
0 | ||||
8 | Shared Voting Power
33,135,329 | |||||
9 | Sole Dispositive Power
0 | |||||
10 | Shared Dispositive Power
33,135,329 |
11 |
Aggregate Amount Beneficially Owned by Each Reporting Person
33,135,329 | |||||
12 | Check if the Aggregate Amount in Row (11) Excludes Certain Shares
☐ | |||||
13 | Percent of Class Represented by Amount in Row (11)
22.6% | |||||
14 | Type of Reporting Person
PN |
CUSIP No. 92766K106 | 13D | Page 4 of 38 pages |
1 |
Names of Reporting Persons
Onex Partners III GP LP | |||||
2 | Check the Appropriate Box if a Member of a Group (a) ☐ (b) ☐
| |||||
3 | SEC Use Only
| |||||
4 | Source of Funds (See Instructions)
OO | |||||
5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
☐ | |||||
6 | Citizenship or Place of Organization
Delaware |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | Sole Voting Power
0 | ||||
8 | Shared Voting Power
35,039,404 | |||||
9 | Sole Dispositive Power
0 | |||||
10 | Shared Dispositive Power
35,039,404 |
11 |
Aggregate Amount Beneficially Owned by Each Reporting Person
35,039,404 | |||||
12 | Check if the Aggregate Amount in Row (11) Excludes Certain Shares
☐ | |||||
13 | Percent of Class Represented by Amount in Row (11)
23.9% | |||||
14 | Type of Reporting Person
PN |
CUSIP No. 92766K106 | 13D | Page 5 of 38 pages |
1 |
Names of Reporting Persons
Onex US Principals LP | |||||
2 | Check the Appropriate Box if a Member of a Group (a) ☐ (b) ☐
| |||||
3 | SEC Use Only
| |||||
4 | Source of Funds (See Instructions)
OO | |||||
5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
☐ | |||||
6 | Citizenship or Place of Organization
Delaware |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | Sole Voting Power
0 | ||||
8 | Shared Voting Power
423,159 | |||||
9 | Sole Dispositive Power
0 | |||||
10 | Shared Dispositive Power
423,159 |
11 |
Aggregate Amount Beneficially Owned by Each Reporting Person
423,159 | |||||
12 | Check if the Aggregate Amount in Row (11) Excludes Certain Shares
☐ | |||||
13 | Percent of Class Represented by Amount in Row (11)
0.3% | |||||
14 | Type of Reporting Person
PN |
CUSIP No. 92766K106 | 13D | Page 6 of 38 pages |
1 |
Names of Reporting Persons
Onex Partners III PV LP | |||||
2 | Check the Appropriate Box if a Member of a Group (a) ☐ (b) ☐
| |||||
3 | SEC Use Only
| |||||
4 | Source of Funds (See Instructions)
OO | |||||
5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
☐ | |||||
6 | Citizenship or Place of Organization
Delaware |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | Sole Voting Power
0 | ||||
8 | Shared Voting Power
420,116 | |||||
9 | Sole Dispositive Power
0 | |||||
10 | Shared Dispositive Power
420,116 |
11 |
Aggregate Amount Beneficially Owned by Each Reporting Person
420,116 | |||||
12 | Check if the Aggregate Amount in Row (11) Excludes Certain Shares
☐ | |||||
13 | Percent of Class Represented by Amount in Row (11)
0.3% | |||||
14 | Type of Reporting Person
PN |
CUSIP No. 92766K106 | 13D | Page 7 of 38 pages |
1 |
Names of Reporting Persons
Onex Expo SARL | |||||
2 | Check the Appropriate Box if a Member of a Group (a) ☐ (b) ☐
| |||||
3 | SEC Use Only
| |||||
4 | Source of Funds (See Instructions)
OO | |||||
5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
☐ | |||||
6 | Citizenship or Place of Organization
Luxembourg |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | Sole Voting Power
0 | ||||
8 | Shared Voting Power
11,125,186 | |||||
9 | Sole Dispositive Power
0 | |||||
10 | Shared Dispositive Power
11,125,186 |
11 |
Aggregate Amount Beneficially Owned by Each Reporting Person
11,125,186 | |||||
12 | Check if the Aggregate Amount in Row (11) Excludes Certain Shares
☐ | |||||
13 | Percent of Class Represented by Amount in Row (11)
7.6% | |||||
14 | Type of Reporting Person
CO |
CUSIP No. 92766K106 | 13D | Page 8 of 38 pages |
1 |
Names of Reporting Persons
Onex Partners III Select LP | |||||
2 | Check the Appropriate Box if a Member of a Group (a) ☐ (b) ☐
| |||||
3 | SEC Use Only
| |||||
4 | Source of Funds (See Instructions)
OO | |||||
5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
☐ | |||||
6 | Citizenship or Place of Organization
Delaware |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | Sole Voting Power
0 | ||||
8 | Shared Voting Power
106,562 | |||||
9 | Sole Dispositive Power
0 | |||||
10 | Shared Dispositive Power
106,562 |
11 |
Aggregate Amount Beneficially Owned by Each Reporting Person
106,562 | |||||
12 | Check if the Aggregate Amount in Row (11) Excludes Certain Shares
☐ | |||||
13 | Percent of Class Represented by Amount in Row (11)
0.1% | |||||
14 | Type of Reporting Person
PN |
CUSIP No. 92766K106 | 13D | Page 9 of 38 pages |
1 |
Names of Reporting Persons
Onex Advisor Subco III LLC | |||||
2 | Check the Appropriate Box if a Member of a Group (a) ☐ (b) ☐
| |||||
3 | SEC Use Only
| |||||
4 | Source of Funds (See Instructions)
OO | |||||
5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
☐ | |||||
6 | Citizenship or Place of Organization
Delaware |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | Sole Voting Power
0 | ||||
8 | Shared Voting Power
470,583 | |||||
9 | Sole Dispositive Power
0 | |||||
10 | Shared Dispositive Power
470,583 |
11 |
Aggregate Amount Beneficially Owned by Each Reporting Person
470,583 | |||||
12 | Check if the Aggregate Amount in Row (11) Excludes Certain Shares
☐ | |||||
13 | Percent of Class Represented by Amount in Row (11)
0.3% | |||||
14 | Type of Reporting Person
OO (Limited Liability Company) |
CUSIP No. 92766K106 | 13D | Page 10 of 38 pages |
1 |
Names of Reporting Persons
Onex Partners Manager GP ULC | |||||
2 | Check the Appropriate Box if a Member of a Group (a) ☐ (b) ☐
| |||||
3 | SEC Use Only
| |||||
4 | Source of Funds (See Instructions)
OO | |||||
5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
☐ | |||||
6 | Citizenship or Place of Organization
Ontario, Canada |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | Sole Voting Power
0 | ||||
8 | Shared Voting Power
35,039,404 | |||||
9 | Sole Dispositive Power
0 | |||||
10 | Shared Dispositive Power
35,039,404 |
11 |
Aggregate Amount Beneficially Owned by Each Reporting Person
35,039,404 | |||||
12 | Check if the Aggregate Amount in Row (11) Excludes Certain Shares
☐ | |||||
13 | Percent of Class Represented by Amount in Row (11)
23.9% | |||||
14 | Type of Reporting Person
OO (Unlimited Liability Company) |
CUSIP No. 92766K106 | 13D | Page 11 of 38 pages |
1 |
Names of Reporting Persons
Onex Partners Manager LP | |||||
2 | Check the Appropriate Box if a Member of a Group (a) ☐ (b) ☐
| |||||
3 | SEC Use Only
| |||||
4 | Source of Funds (See Instructions)
OO | |||||
5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
☐ | |||||
6 | Citizenship or Place of Organization
Delaware |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | Sole Voting Power
0 | ||||
8 | Shared Voting Power
35,039,404 | |||||
9 | Sole Dispositive Power
0 | |||||
10 | Shared Dispositive Power
35,039,404 |
11 |
Aggregate Amount Beneficially Owned by Each Reporting Person
35,039,404 | |||||
12 | Check if the Aggregate Amount in Row (11) Excludes Certain Shares
☐ | |||||
13 | Percent of Class Represented by Amount in Row (11)
23.9% | |||||
14 | Type of Reporting Person
PN |
CUSIP No. 92766K106 | 13D | Page 12 of 38 pages |
1 |
Names of Reporting Persons
Onex Partners GP Inc. | |||||
2 | Check the Appropriate Box if a Member of a Group (a) ☐ (b) ☐
| |||||
3 | SEC Use Only
| |||||
4 | Source of Funds (See Instructions)
OO | |||||
5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
☐ | |||||
6 | Citizenship or Place of Organization
Delaware |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | Sole Voting Power
0 | ||||
8 | Shared Voting Power
35,039,404 | |||||
9 | Sole Dispositive Power
0 | |||||
10 | Shared Dispositive Power
35,039,404 |
11 |
Aggregate Amount Beneficially Owned by Each Reporting Person
35,039,404 | |||||
12 | Check if the Aggregate Amount in Row (11) Excludes Certain Shares
☐ | |||||
13 | Percent of Class Represented by Amount in Row (11)
23.9% | |||||
14 | Type of Reporting Person
CO |
CUSIP No. 92766K106 | 13D | Page 13 of 38 pages |
1 |
Names of Reporting Persons
Onex Private Equity Holdings LLC | |||||
2 | Check the Appropriate Box if a Member of a Group (a) ☐ (b) ☐
| |||||
3 | SEC Use Only
| |||||
4 | Source of Funds (See Instructions)
OO | |||||
5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
☐ | |||||
6 | Citizenship or Place of Organization
Delaware |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | Sole Voting Power
0 | ||||
8 | Shared Voting Power
11,548,345 | |||||
9 | Sole Dispositive Power
0 | |||||
10 | Shared Dispositive Power
11,548,345 |
11 |
Aggregate Amount Beneficially Owned by Each Reporting Person
11,548,345 | |||||
12 | Check if the Aggregate Amount in Row (11) Excludes Certain Shares
☐ | |||||
13 | Percent of Class Represented by Amount in Row (11)
7.9% | |||||
14 | Type of Reporting Person
OO (Limited Liability Company) |
CUSIP No. 92766K106 | 13D | Page 14 of 38 pages |
1 |
Names of Reporting Persons
Onex American Holdings GP LLC | |||||
2 | Check the Appropriate Box if a Member of a Group (a) ☐ (b) ☐
| |||||
3 | SEC Use Only
| |||||
4 | Source of Funds (See Instructions)
OO | |||||
5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
☐ | |||||
6 | Citizenship or Place of Organization
Delaware |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | Sole Voting Power
0 | ||||
8 | Shared Voting Power
423,159 | |||||
9 | Sole Dispositive Power
0 | |||||
10 | Shared Dispositive Power
423,159 |
11 |
Aggregate Amount Beneficially Owned by Each Reporting Person
423,159 | |||||
12 | Check if the Aggregate Amount in Row (11) Excludes Certain Shares
☐ | |||||
13 | Percent of Class Represented by Amount in Row (11)
0.3% | |||||
14 | Type of Reporting Person
OO (Limited Liability Company) |
CUSIP No. 92766K106 | 13D | Page 15 of 38 pages |
1 |
Names of Reporting Persons
Onex American Holdings Subco LLC | |||||
2 | Check the Appropriate Box if a Member of a Group (a) ☐ (b) ☐
| |||||
3 | SEC Use Only
| |||||
4 | Source of Funds (See Instructions)
OO | |||||
5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
☐ | |||||
6 | Citizenship or Place of Organization
Delaware |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | Sole Voting Power
0 | ||||
8 | Shared Voting Power
11,125,186 | |||||
9 | Sole Dispositive Power
0 | |||||
10 | Shared Dispositive Power
11,125,186 |
11 |
Aggregate Amount Beneficially Owned by Each Reporting Person
11,125,186 | |||||
12 | Check if the Aggregate Amount in Row (11) Excludes Certain Shares
☐ | |||||
13 | Percent of Class Represented by Amount in Row (11)
7.6% | |||||
14 | Type of Reporting Person
OO (Limited Liability Company) |
CUSIP No. 92766K106 | 13D | Page 16 of 38 pages |
1 |
Names of Reporting Persons
OAH Wind LLC | |||||
2 | Check the Appropriate Box if a Member of a Group (a) ☐ (b) ☐
| |||||
3 | SEC Use Only
| |||||
4 | Source of Funds (See Instructions)
OO | |||||
5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
☐ | |||||
6 | Citizenship or Place of Organization
Delaware |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | Sole Voting Power
0 | ||||
8 | Shared Voting Power
11,125,186 | |||||
9 | Sole Dispositive Power
0 | |||||
10 | Shared Dispositive Power
11,125,186 |
11 |
Aggregate Amount Beneficially Owned by Each Reporting Person
11,125,186 | |||||
12 | Check if the Aggregate Amount in Row (11) Excludes Certain Shares
☐ | |||||
13 | Percent of Class Represented by Amount in Row (11)
7.6% | |||||
14 | Type of Reporting Person
OO (Limited Liability Company) |
CUSIP No. 92766K106 | 13D | Page 17 of 38 pages |
1 |
Names of Reporting Persons
Expo EI LLC | |||||
2 | Check the Appropriate Box if a Member of a Group (a) ☐ (b) ☐
| |||||
3 | SEC Use Only
| |||||
4 | Source of Funds (See Instructions)
OO | |||||
5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
☐ | |||||
6 | Citizenship or Place of Organization
Delaware |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | Sole Voting Power
0 | ||||
8 | Shared Voting Power
11,125,186 | |||||
9 | Sole Dispositive Power
0 | |||||
10 | Shared Dispositive Power
11,125,186 |
11 |
Aggregate Amount Beneficially Owned by Each Reporting Person
11,125,186 | |||||
12 | Check if the Aggregate Amount in Row (11) Excludes Certain Shares
☐ | |||||
13 | Percent of Class Represented by Amount in Row (11)
7.6% | |||||
14 | Type of Reporting Person
OO (Limited Liability Company) |
CUSIP No. 92766K106 | 13D | Page 18 of 38 pages |
1 |
Names of Reporting Persons
Expo EI II LLC | |||||
2 | Check the Appropriate Box if a Member of a Group (a) ☐ (b) ☐
| |||||
3 | SEC Use Only
| |||||
4 | Source of Funds (See Instructions)
OO | |||||
5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
☐ | |||||
6 | Citizenship or Place of Organization
Delaware |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | Sole Voting Power
0 | ||||
8 | Shared Voting Power
11,125,186 | |||||
9 | Sole Dispositive Power
0 | |||||
10 | Shared Dispositive Power
11,125,186 |
11 |
Aggregate Amount Beneficially Owned by Each Reporting Person
11,125,186 | |||||
12 | Check if the Aggregate Amount in Row (11) Excludes Certain Shares
☐ | |||||
13 | Percent of Class Represented by Amount in Row (11)
7.6% | |||||
14 | Type of Reporting Person
OO (Limited Liability Company) |
CUSIP No. 92766K106 | 13D | Page 19 of 38 pages |
1 |
Names of Reporting Persons
Expo EI III LLC | |||||
2 | Check the Appropriate Box if a Member of a Group (a) ☐ (b) ☐
| |||||
3 | SEC Use Only
| |||||
4 | Source of Funds (See Instructions)
OO | |||||
5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
☐ | |||||
6 | Citizenship or Place of Organization
Delaware |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | Sole Voting Power
0 | ||||
8 | Shared Voting Power
11,125,186 | |||||
9 | Sole Dispositive Power
0 | |||||
10 | Shared Dispositive Power
11,125,186 |
11 |
Aggregate Amount Beneficially Owned by Each Reporting Person
11,125,186 | |||||
12 | Check if the Aggregate Amount in Row (11) Excludes Certain Shares
☐ | |||||
13 | Percent of Class Represented by Amount in Row (11)
7.6% | |||||
14 | Type of Reporting Person
OO (Limited Liability Company) |
CUSIP No. 92766K106 | 13D | Page 20 of 38 pages |
1 |
Names of Reporting Persons
1597257 Ontario Inc. | |||||
2 | Check the Appropriate Box if a Member of a Group (a) ☐ (b) ☐
| |||||
3 | SEC Use Only
| |||||
4 | Source of Funds (See Instructions)
OO | |||||
5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
☐ | |||||
6 | Citizenship or Place of Organization
Ontario, Canada |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | Sole Voting Power
0 | ||||
8 | Shared Voting Power
470,583 | |||||
9 | Sole Dispositive Power
0 | |||||
10 | Shared Dispositive Power
470,583 |
11 |
Aggregate Amount Beneficially Owned by Each Reporting Person
470,583 | |||||
12 | Check if the Aggregate Amount in Row (11) Excludes Certain Shares
☐ | |||||
13 | Percent of Class Represented by Amount in Row (11)
0.3% | |||||
14 | Type of Reporting Person
CO |
CUSIP No. 92766K106 | 13D | Page 21 of 38 pages |
1 |
Names of Reporting Persons
New PCo II Investments Ltd. | |||||
2 | Check the Appropriate Box if a Member of a Group (a) ☐ (b) ☐
| |||||
3 | SEC Use Only
| |||||
4 | Source of Funds (See Instructions)
OO | |||||
5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
☐ | |||||
6 | Citizenship or Place of Organization
Ontario, Canada |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | Sole Voting Power
0 | ||||
8 | Shared Voting Power
470,583 | |||||
9 | Sole Dispositive Power
0 | |||||
10 | Shared Dispositive Power
470,583 |
11 |
Aggregate Amount Beneficially Owned by Each Reporting Person
470,583 | |||||
12 | Check if the Aggregate Amount in Row (11) Excludes Certain Shares
☐ | |||||
13 | Percent of Class Represented by Amount in Row (11)
0.3% | |||||
14 | Type of Reporting Person
OO (Limited Company) |
CUSIP No. 92766K106 | 13D | Page 22 of 38 pages |
1 |
Names of Reporting Persons
Onex Partners Canadian GP Inc. | |||||
2 | Check the Appropriate Box if a Member of a Group (a) ☐ (b) ☐
| |||||
3 | SEC Use Only
| |||||
4 | Source of Funds (See Instructions)
OO | |||||
5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
☐ | |||||
6 | Citizenship or Place of Organization
Ontario, Canada |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | Sole Voting Power
0 | ||||
8 | Shared Voting Power
74,865,528 | |||||
9 | Sole Dispositive Power
0 | |||||
10 | Shared Dispositive Power
74,865,528 |
11 |
Aggregate Amount Beneficially Owned by Each Reporting Person
74,865,528 | |||||
12 | Check if the Aggregate Amount in Row (11) Excludes Certain Shares
☐ | |||||
13 | Percent of Class Represented by Amount in Row (11)
51.2% | |||||
14 | Type of Reporting Person
CO |
CUSIP No. 92766K106 | 13D | Page 23 of 38 pages |
1 |
Names of Reporting Persons
Onex Partners V GP Limited | |||||
2 | Check the Appropriate Box if a Member of a Group (a) ☐ (b) ☐
| |||||
3 | SEC Use Only
| |||||
4 | Source of Funds (See Instructions)
OO | |||||
5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
☐ | |||||
6 | Citizenship or Place of Organization
Cayman Islands |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | Sole Voting Power
0 | ||||
8 | Shared Voting Power
74,865,528 | |||||
9 | Sole Dispositive Power
0 | |||||
10 | Shared Dispositive Power
74,865,528 |
11 |
Aggregate Amount Beneficially Owned by Each Reporting Person
74,865,528 | |||||
12 | Check if the Aggregate Amount in Row (11) Excludes Certain Shares
☐ | |||||
13 | Percent of Class Represented by Amount in Row (11)
51.2% | |||||
14 | Type of Reporting Person
CO |
CUSIP No. 92766K106 | 13D | Page 24 of 38 pages |
1 |
Names of Reporting Persons
OPV Gem Aggregator LP | |||||
2 | Check the Appropriate Box if a Member of a Group (a) ☐ (b) ☐
| |||||
3 | SEC Use Only
| |||||
4 | Source of Funds (See Instructions)
OO | |||||
5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
☐ | |||||
6 | Citizenship or Place of Organization
Cayman Islands |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | Sole Voting Power
0 | ||||
8 | Shared Voting Power
74,865,528 | |||||
9 | Sole Dispositive Power
0 | |||||
10 | Shared Dispositive Power
74,865,528 |
11 |
Aggregate Amount Beneficially Owned by Each Reporting Person
74,865,528 | |||||
12 | Check if the Aggregate Amount in Row (11) Excludes Certain Shares
☐ | |||||
13 | Percent of Class Represented by Amount in Row (11)
51.2% | |||||
14 | Type of Reporting Person
PN |
CUSIP No. 92766K106 | 13D | Page 25 of 38 pages |
Item 1. | Security and Issuer. |
This statement on Schedule 13D (the Schedule 13D) relates to the common stock, par value $0.01 per share (the Common Stock), of Emerald Holding, Inc., a Delaware corporation (the Issuer) whose principal executive offices are located at 31910 Del Obispo Street, Suite 200, San Juan Capistrano, CA 92675.
Item 2. | Identity and Background. |
The Schedule 13D is being filed by the following persons (each a Reporting Person and, collectively, the Reporting Persons):
Onex Corporation;
Gerald W. Schwartz;
Onex Partners III LP;
Onex Partners III GP LP;
Onex US Principals LP;
Onex Partners III PV LP;
Onex Expo SARL;
Onex Partners III Select LP;
Onex Advisor Subco III LLC;
Onex Partners Manager GP ULC;
Onex Partners Manager LP;
Onex Partners GP Inc.;
Onex Private Equity Holdings LLC;
Onex American Holdings GP LLC;
Onex American Holdings Subco LLC;
OAH Wind LLC;
Expo EI LLC;
Expo EI II LLC;
Expo EI III LLC;
1597257 Ontario Inc.;
New PCo II Investments Ltd.;
Onex Partners Canadian GP Inc.;
Onex Partners V GP Limited; and
OPV Gem Aggregator LP (Gem Aggregator).
Onex Corporation, Onex Partners Manager GP ULC, 1597257 Ontario Inc., New PCo II Investments Ltd. and Onex Partners Canadian GP Inc. are each organized under the laws of Ontario, Canada. Onex Expo SARL is organized under the laws of Luxembourg. Mr. Gerald W. Schwartz is a citizen of Canada. Onex Partners V GP Limited, and Gem Aggregator are organized under the laws of the Cayman Islands. Each of the other Reporting Persons is organized under the laws of the state of Delaware.
CUSIP No. 92766K106 | 13D | Page 26 of 38 pages |
The address for the principal business office of each of Onex Corporation, 1597257 Ontario Inc., New PCo II Investments Ltd., Onex Advisor Subco III LLC and Mr. Gerald W. Schwartz is 161 Bay Street P.O. Box 700, Toronto, ON, Canada M5J 2S1. The address for the principal business office of each of Onex Partners III LP, Onex Partners III GP LP, Onex Partners GP Inc., Onex Partners Manager GP ULC, Onex Partners Manager LP, Onex Partners III PV LP, Onex Partners Select LP, Onex Partners V GP Limited, and Gem Aggregator is 712 Fifth Avenue, New York, NY 10019. The address for the principal business office of each of Onex US Principals LP, Onex Private Equity Holdings LLC, Onex American Holdings GP LLC, Onex American Holdings Subco LLC, OAH Wind LLC, Expo EI LLC, Expo EI II LLC and Expo EI III LLC is 165 W Center Street, Suite 401, Marion, OH 43302. The address for the principal business office of Onex Expo SARL is 6C Rue Gabriel Lippman, L-5365 Munsbach, Grand Duchy of Luxembourg.
The principal occupation of Mr. Schwartz is President and Chief Executive Officer of Onex Corporation. The principal business of each of the other Reporting Persons is investing in securities, including the securities of the Issuer.
Information with respect to the directors and officers of Onex Partners V GP Limited, Onex Corporation, Onex Expo SARL, Onex Advisor Subco III LLC, Onex Partners Manager GP ULC, Onex Partners GP Inc., Onex Private Equity Holdings LLC, Onex American Holdings GP LLC, Onex American Holdings Subco LLC, OAH Wind LLC, Expo EI LLC, Expo EI II LLC, Expo EI III LLC, 1597257 Ontario Inc., New PCo II Investments Ltd. and Onex Partners Canadian GP Inc. (collectively, the Related Persons), including the name, present principal occupation or employment and citizenship of each of the Related Persons is listed on the attached Schedule A, which is incorporated herein by reference. The business address for each of the Related Persons is the principal business office of the Reporting Person each Related Person serves.
During the last five years, none of the Reporting Persons or Related Persons (i) has been convicted in any criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) was a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
Item 3. | Source and Amount of Funds or Other Consideration. |
On June 29, 2020, Gem Aggregator, acquired 47,058,332 shares of Series A Convertible Participating Preferred Stock (Series A Preferred Stock) from the Issuer for an aggregate purchase price of $263,526,659. Gem Aggregator obtained the funds for the purchase of the Series A Preferred Stock through capital contributions from its partners, which in turn used working capital and capital contributions from their respective partners, members and equity holders to fund such contributions.
Onex Partners III LP, Onex Partners III GP LP, Onex US Principals LP, Onex Partners III PV LP, Onex Expo SARL, Onex Partners III Select LP and Onex Advisor Subco III LLC (together, the Fund III Investors) acquired the Common Stock now held by them on June 17, 2013, when they acquired the predecessor of the Issuer in a transaction valued at approximately $950 million, including an equity investment in the form of cash consideration provided by the Fund III Investors of approximately $350 million. The Fund III Investors obtained the funds for the equity investment made in connection with the purchase of the Issuer through capital contributions from their respective partners, members and equity holders, which in turn used working capital and capital contributions from their respective partners, members and equity holders to fund such contributions.
CUSIP No. 92766K106 | 13D | Page 27 of 38 pages |
Item 4. | Purpose of Transaction. |
Investment Agreement
On June 29, 2020, Gem Aggregator, acquired 47,058,332 shares of Series A Preferred Stock from the Issuer for an aggregate purchase price of $263,526,659 pursuant to an investment agreement by and between the Issuer and Onex Partners V LP (the Investment Agreement). The Series A Preferred Stock is governed by the Certificate of Designations for Series A Convertible Participating Preferred Stock, filed by the Issuer with the Delaware secretary of state on June 26, 2020 (the Certificate of Designation).
Series A Preferred Stock
Each share of Series A Preferred Stock has an initial liquidation preference of $5.60 (the Series A Price), which liquidation preference accretes at a rate of 7.0% per annum, compounded quarterly, in-kind for the first 12 quarters following its issuance, and thereafter will be paid either in cash or in-kind at the Issuers option. Upon liquidation or dissolution of the Issuer, the holders of Series A Preferred Stock are entitled to receive the greater of (a) the accreted liquidation preference, and (b) the amount the holders of Series A Preferred Stock would have received if they had converted their Series A Preferred Stock into Common Stock immediately prior to such liquidation or dissolution. Holders of Series A Preferred Stock are also entitled to participate in and receive any dividends declared or paid on the Issuers Common Stock on an as-converted basis, and no dividends may be paid to holders of Common Stock unless the aggregate accreted dividend on the Series A Preferred Stock has been paid or holders of a majority of the outstanding Series A Preferred Stock have consented to such dividends.
The Series A Preferred Stock is currently exercisable and may be converted at the option of the holder thereof into a number of shares of Common Stock equal to the (a) amount of the accreted liquidation preference, divided by (b) the applicable conversion price. The initial conversion price of the Series A Preferred Stock is $3.52 per share, subject to customary anti-dilution adjustments. Subject to certain conditions, after three years from issuance, the Issuer may require conversion of all or a portion of the outstanding shares of Series A Preferred Stock if the closing price of the Issuers Common Stock exceeds 175% of the conversion price of the Series A Preferred Stock for a period of 20 consecutive trading days.
Holders of the Series A Preferred Stock are entitled to vote, on an as-converted basis, with holders of the Common Stock on all matters submitted to a vote of holders of Common Stock.
Certain matters require the approval of holders of a majority of the Series A Preferred Stock, including (i) amendments to the Issuers organizational documents in a manner adverse to the Series A Preferred Stock, (ii) the creation or issuance of senior or parity equity securities or (iii) the issuance of any convertible indebtedness, other class of preferred stock or other equity securities in each case with rights to payments or distributions in which the Series A Preferred Stock would not participate on a pro-rata, as-converted basis.
CUSIP No. 92766K106 | 13D | Page 28 of 38 pages |
In addition, for so long as the Series A Preferred Stock represents more than 30% of the outstanding Common Stock on an as-converted basis, without the approval of a majority of the directors elected by the holders of the Series A Preferred Stock, the Issuer may not (i) incur new indebtedness to the extent certain financial metrics are not satisfied, (ii) redeem or repurchase any equity securities junior to the Series A Preferred Stock, (iii) enter into any agreement for the acquisition or disposition of assets or businesses involving a purchase price in excess of $100 million, (iv) hire or terminate the chief executive officer of the Issuer or (v) make a voluntary filing for bankruptcy or commence a dissolution of the Issuer.
Director Designation Rights
Pursuant to the Certificate of Designation, for so long as the Series A Preferred Stock represents a minimum percentage of the outstanding shares of Common Stock on an as-converted basis as described below, the holders of the Series A Preferred Stock have the following rights to representation on the Issuers board of directors (the Board):
Minimum Percentage |
Board Representation | |
50% |
5 directors | |
40% |
4 directors | |
30% |
3 directors | |
20% |
2 directors | |
10% |
1 director |
At all times, however, the Board will have at least two directors elected by the holders of the Issuers Common Stock and the Series A Preferred Stock, voting together on an as-converted basis and whenever the Minimum Percentage is below 40%, at least a majority of the Board seats will be elected by the holders of the Issuers Common Stock and the Series A Preferred Stock, voting together on an as-converted basis. In addition, for so long as the minimum percentage is greater than 50%, the size of the Board may not be increased to more than 9 seats, or decreased, without the approval of a majority of the directors elected by the holders of the Series A Preferred Stock. All decisions of the Board with respect to the exercise or waiver of the Issuers rights relating to the Series A Preferred Stock are required to be determined by a majority of a majority of the Issuers directors that are not employees of the Issuer or affiliated with Gem Aggregator (Unaffiliated Directors), or a committee of Unaffiliated Directors.
Backstop Commitment
Pursuant to the Investment Agreement, the Issuer has agreed to effect a rights offering (the Rights Offering) to holders of its outstanding Common Stock of one non-transferable subscription right for each share of Common Stock held by such holders, with each right entitling the holder to purchase one share of Series A Preferred Stock at the Series A Price per share. Gem Aggregator (in its capacity as assignee of Onex Partners V LP) agreed that it will purchase additional shares of Series A Preferred Stock (if any) not subscribed for in the rights offering by such holders, up to 24,388,014 shares, which is the aggregate amount of Series A Preferred Stock offered by the Issuer to such holders in the Rights Offering.
CUSIP No. 92766K106 | 13D | Page 29 of 38 pages |
Stockholder Agreements
As part of the transactions contemplated by the Investment Agreement, on June 29, 2020, Onex Partners III LP, Onex Partners III GP LP, Onex US Principals LP, Onex Partners III PV LP, ONEX EXPO SARL, Onex Partners III Select LP, Onex Advisor Subco III LLC, Onex Partners V LP, and Gem Aggregator (the Onex Stockholders) entered into letter agreements with the Issuer (the Stockholder Letter Agreements) pursuant to which the Onex Stockholders agreed that, until the date on which (x) the Onex Stockholders and certain of their affiliates (the Onex Group) beneficially own less than 20% of the Issuers total outstanding Common Stock on an as-converted basis and (y) there are no representatives of the Onex Group serving as directors on the Board, no member of the Onex Group will, without the consent of a majority of Unaffiliated Directors or a committee of Unaffiliated Directors, (i) acquire any Common Stock or other equity securities of the Issuer (subject to certain customary exceptions), (ii) propose, commence or participate in any merger, acquisition, tender offer, exchange offer, asset sale transaction or other business combination involving the Issuer or (iii) propose or support a deregistration under the Securities Exchange Act of 1934 or the delisting of the Issuers Common Stock from the New York Stock Exchange.
The foregoing description of the Stockholder Letter Agreements does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Stockholder Letter Agreements, which are attached as exhibits hereto and incorporated herein by reference.
Registration Rights Agreements
As part of the transactions contemplated by the Investment Agreement, on June 29, 2020, the Issuer and Gem Aggregator entered into a registration rights agreement (the Gem Aggregator Registration Rights Agreement), whereby Gem Aggregator is entitled to certain demand and piggyback registration rights in respect of the Series A Preferred Stock and the shares of Common Stock issuable upon conversion thereof.
The Fund III Investors also have certain demand and piggyback registration rights in respect of the shares of Common Stock held by such investors pursuant to a Registration Rights Agreement, dated July 19, 2013, among the Issuers predecessor, the Fund III Investors, and certain members of the Issuers management party thereto from time to time (the Fund III Registration Rights Agreement and, together with the Gem Aggregator Registration Rights Agreement, the Registration Rights Agreements).
The foregoing description of the Registration Rights Agreements does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the agreements, which are attached as exhibits hereto and incorporated herein by reference.
CUSIP No. 92766K106 | 13D | Page 30 of 38 pages |
General
The Reporting Persons acquired the securities described in this Schedule 13D for investment purposes and intend to review their investments in the Issuer on a continuing basis. Any actions the Reporting Persons might undertake may be made at any time and from time to time without prior notice and will be dependent upon the Reporting Persons review of numerous factors, including, but not limited to: an ongoing evaluation of the Issuers business, financial condition, operations and prospects; price levels of the Issuers securities; general market, industry and economic conditions; the relative attractiveness of alternative business and investment opportunities; and other future developments.
Subject to the terms of the Investment Agreement and the Stockholder Letter Agreements, the Reporting Persons may acquire additional securities of the Issuer, or retain or sell all or a portion of the securities then held, in the open market or in privately negotiated transactions, including pursuant to registered transactions pursuant to the Registration Rights Agreements. In addition, the Reporting Persons and their designees to the Board may engage in discussions with management, the Board, and securityholders of the Issuer and other relevant parties or encourage, cause or seek to cause the Issuer or such persons to consider or explore extraordinary corporate transactions, such as: a merger, reorganization or other transaction that could result in the de-listing or de-registration of the Common Stock; sales or acquisitions of assets or businesses; changes to the capitalization or dividend policy of the Issuer; or other material changes to the Issuers business or corporate structure, including changes in management or the composition of the Board. There can be no assurance, however, that any Reporting Person will propose such a transaction or that any such transaction would be successfully implemented.
Other than as described above, the Reporting Persons do not currently have any plans or proposals that relate to, or would result in, any of the matters listed in Items 4(a)(j) of Schedule 13D, although, depending on the factors discussed herein, the Reporting Persons may change their purpose or formulate different plans or proposals with respect thereto at any time.
CUSIP No. 92766K106 | 13D | Page 31 of 38 pages |
Item 5. | Interest in Securities of the Issuer. |
(a) (b)
The following sets forth, as of the date of this Schedule 13D, the aggregate number of shares of Common Stock and percentage of Common Stock beneficially owned by each of the Reporting Persons, as well as the number of shares of Common Stock as to which each Reporting Person has the sole power to vote or to direct the vote, shared power to vote or to direct the vote, sole power to dispose or to direct the disposition of, or shared power to dispose or to direct the disposition of, as of the date hereof, based on 146,311,874 shares of Common Stock outstanding, which includes 71,446,346 shares of Common Stock outstanding as of June 29, 2020 and 74,865,528 shares of Common Stock issuable upon conversion of 47,058,332 shares of Series A Preferred Stock held of record by Gem Aggregator.
Reporting Person |
Amount beneficially owned |
Percent of class |
Sole power to vote or to direct the vote |
Shared power to vote or to direct the vote |
Sole power to dispose or to direct the disposition |
Shared power to dispose or to direct the disposition |
||||||||||||||||||
Onex Corporation |
121,453,277 | 83.0 | % | 0 | 121,453,277 | 0 | 121,453,277 | |||||||||||||||||
Gerald W. Schwartz |
121,923,860 | 83.3 | % | 0 | 121,923,860 | 0 | 121,923,860 | |||||||||||||||||
Onex Partners III LP |
33,135,329 | 22.6 | % | 0 | 33,135,329 | 0 | 33,135,329 | |||||||||||||||||
Onex Partners III GP LP |
35,039,404 | 23.9 | % | 0 | 35,039,404 | 0 | 35,039,404 | |||||||||||||||||
Onex US Principals LP |
423,159 | 0.3 | % | 0 | 423,159 | 0 | 423,159 | |||||||||||||||||
Onex Partners III PV LP |
420,116 | 0.3 | % | 0 | 420,116 | 0 | 420,116 | |||||||||||||||||
Onex Expo SARL |
11,125,186 | 7.6 | % | 0 | 11,125,186 | 0 | 11,125,186 | |||||||||||||||||
Onex Partners III Select LP |
106,562 | 0.1 | % | 0 | 106,562 | 0 | 106,562 | |||||||||||||||||
Onex Advisor Subco III LLC |
470,583 | 0.3 | % | 0 | 470,583 | 0 | 470,583 | |||||||||||||||||
Onex Partners Manager GP ULC |
35,039,404 | 23.9 | % | 0 | 35,039,404 | 0 | 35,039,404 | |||||||||||||||||
Onex Partners Manager LP |
35,039,404 | 23.9 | % | 0 | 35,039,404 | 0 | 35,039,404 | |||||||||||||||||
Onex Partners GP Inc. |
35,039,404 | 23.9 | % | 0 | 35,039,404 | 0 | 35,039,404 | |||||||||||||||||
Onex Private Equity Holdings LLC |
11,548,345 | 7.9 | % | 0 | 11,548,345 | 0 | 11,548,345 | |||||||||||||||||
Onex American Holdings GP LLC |
423,159 | 0.3 | % | 0 | 423,159 | 0 | 423,159 | |||||||||||||||||
Onex American Holdings Subco LLC |
11,125,186 | 7.6 | % | 0 | 11,125,186 | 0 | 11,125,186 | |||||||||||||||||
OAH Wind LLC |
11,125,186 | 7.6 | % | 0 | 11,125,186 | 0 | 11,125,186 | |||||||||||||||||
Expo EI LLC |
11,125,186 | 7.6 | % | 0 | 11,125,186 | 0 | 11,125,186 | |||||||||||||||||
Expo EI II LLC |
11,125,186 | 7.6 | % | 0 | 11,125,186 | 0 | 11,125,186 | |||||||||||||||||
Expo EI III LLC |
11,125,186 | 7.6 | % | 0 | 11,125,186 | 0 | 11,125,186 | |||||||||||||||||
1597257 Ontario Inc. |
470,583 | 0.3 | % | 0 | 470,583 | 0 | 470,583 | |||||||||||||||||
New PCo II Investments Ltd. |
470,583 | 0.3 | % | 0 | 470,583 | 0 | 470,583 | |||||||||||||||||
Onex Partners Canadian GP Inc. |
74,865,528 | 51.2 | % | 0 | 74,865,528 | 0 | 74,865,528 | |||||||||||||||||
Onex Partners V GP Limited |
74,865,528 | 51.2 | % | 0 | 74,865,528 | 0 | 74,865,528 | |||||||||||||||||
OPV Gem Aggregator LP |
74,865,528 | 51.2 | % | 0 | 74,865,528 | 0 | 74,865,528 |
The securities reported in the table above includes 33,135,329, 1,377,397, 423,159, 420,116, 11,125,186, 106,562, 470,583 shares of Common Stock held of record by Onex Partners III LP, Onex Partners III GP LP, Onex US Principals LP, Onex Partners III PV LP, Onex Expo SARL, Onex Partners III Select LP and Onex Advisor Subco III LLC, respectively. Also includes 74,865,528 shares of Common Stock issuable upon conversion of 47,058,332 shares of Series A Preferred Stock held of record by Gem Aggregator.
CUSIP No. 92766K106 | 13D | Page 32 of 38 pages |
Onex Corporation, a corporation whose subordinated voting shares are traded on the Toronto Stock Exchange, and/or Mr. Gerald W. Schwartz, may be deemed to beneficially own the Common Stock held by (a) Onex Partners III LP, through Onex Corporations indirect ownership or control of Onex Partners Manager GP ULC, the general partner of Onex Partners Manager LP, the agent of Onex Partners III GP LP, the general partner of Onex Partners III LP, (b) Onex Partners III GP LP, through Onex Corporations ownership of all of the equity of Onex Partners GP Inc., the general partner of Onex Partners III GP LP, (c) Onex US Principals LP, through Onex Corporations ownership of all of the equity of Onex American Holdings II LLC, which owns all of the equity of Onex American Holdings GP LLC, the general partner of Onex US Principals LP, (d) Onex Partners III PV LP, through Onex Corporations indirect ownership or control of Onex Partners Manager GP ULC, the general partner of Onex Partners Manager LP, the agent of Onex Partners III GP LP, the general partner of Onex Partners III PV LP, (e) Onex Expo SARL, through Onex Corporations ownership of all of the equity of Onex American Holdings II LLC, which owns all of the equity of (i) Onex American Holdings Subco LLC, which in turn holds all of the equity of OAH Wind LLC, which owns approximately 95% of the outstanding equity of Onex Expo SARL, and (ii) all of the outstanding equity of each of Expo EI LLC and Expo EI II LLC which, through their collective ownership of Expo EI III LLC, own the remaining outstanding equity of Onex Expo SARL, (f) Onex Partners III Select LP, through Onex Corporations indirect ownership or control of Onex Partners Manager GP ULC, the general partner of Onex Partners Manager LP, the agent of Onex Partners III GP LP, the general partner of Onex Partners III Select LP, (g) Onex Advisor Subco III LLC, through Gerald W. Schwartzs indirect control of 1597257 Ontario Inc., which owns all of the voting equity of New PCo II Investments Ltd., which owns all of the equity interest of Onex Advisor Subco LLC which in turn owns all of the equity of Onex Advisor Subco III LLC, and (h) Gem Aggregator, through Onex Corporations ownership of all of the equity of Onex Partners Canadian GP Inc., which owns all of the equity of Onex Partners V GP Limited, which is the general partner of Gem Aggregator.
In addition, Mr. Gerald W. Schwartz may be deemed to beneficially own the shares of Common Stock held of record by Onex Advisor Subco III LLC, through Mr. Schwartzs indirect control of 1597257 Ontario Inc., which owns all of the voting equity of New PCo II Investments Ltd., which owns all of the equity interest of Onex Advisor Subco III LLC.
Mr. Gerald W. Schwartz, the Chairman, President and Chief Executive Officer of Onex Corporation, indirectly owns shares representing a majority of the voting rights of the shares of Onex Corporation and as such may be deemed to beneficially own all of the Common Stock beneficially owned by Onex Corporation. Mr. Schwartz disclaims any such beneficial ownership.
(c) | Except as described in Item 4, during the past 60 days none of the Reporting Persons or Related Persons has effected any transactions in the Common Stock. |
(d) | None. |
(e) | Not applicable. |
CUSIP No. 92766K106 | 13D | Page 33 of 38 pages |
Item 6. | Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer. |
Item 4 above summarizes certain provisions of the Investment Agreement, the Registration Rights Agreements and the Stockholders Letter Agreements, and is incorporated herein by reference. A copy of the each of these agreements is attached as an exhibit to this Schedule 13D, and each is incorporated herein by reference.
Except as set forth herein, none of the Reporting Persons or Related Persons has any contracts, arrangements, understandings or relationships (legal or otherwise) with any person with respect to any securities of the Issuer, including but not limited to any contracts, arrangements, understandings or relationships concerning the transfer or voting of such securities, finders fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or losses, or the giving or withholding of proxies.
Item 7. | Materials to be Filed as Exhibits |
Exhibit |
Description | |
1 | Joint Filing Agreement. | |
2 | Powers of Attorney. | |
3 | Investment Agreement, dated as of June 10, 2020, by and among the Issuer and Onex Partners V LP (incorporated by reference to Exhibit 10.1 to the Issuers Current Report on Form 8-K filed June 11, 2020). | |
4 | Registration Rights Agreement, dated as of June 29, 2020, by and among Emerald Holding, Inc. and OPV Gem Aggregator LP (incorporated by reference to Exhibit 4.2 to the Issuers Current Report on Form 8-K filed June 30, 2020). | |
5 | Registration Rights Agreement, dated July 19, 2013, Expo Event Holdco, Inc., Onex American Holdings II LLC, Expo EI LLC, Expo EI II LLC, Onex US Principals LP, Onex Advisor III LLC, Onex Partners III LP, Onex Partners III PV LP, Onex Partners III Select LP and Onex Partners III GP LP, dated July 19, 2013 (incorporated by reference to Exhibit 10.2 to the Issuers Form S-1 Registration Statement (Registration No. 333-217091) filed by Emerald Expositions Events, Inc. with the Securities and Exchange Commission on April 10, 2017). | |
6 | Stockholders Letter Agreement, dated as of June 29, 2020, by and among Emerald Holding, Inc. and Onex Partners III LP, Onex Partners III GP LP, Onex US Principals LP, Onex Partners III PV LP, Onex Expo SARL, Onex Partners III Select LP and Onex Advisor Subco III LLC (incorporated by reference to Exhibit 10.1 to the Issuers Current Report on Form 8-K filed June 30, 2020). | |
7 | Stockholders Letter Agreement, dated as of June 29, 2020, by and among Emerald Holding, Inc. and Onex Partners V LP and OPV Gem Aggregator LP (incorporated by reference to Exhibit 10.2 to the Issuers Current Report on Form 8-K filed June 30, 2020). |
CUSIP No. 92766K106 | 13D | Page 34 of 38 pages |
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Date: July 9, 2020
ONEX CORPORATION | ||
By: | /s/ David Copeland | |
Name: David Copeland | ||
Title: Managing Director - Tax | ||
ONEX PARTNERS III GP LP | ||
By: Onex Partners GP Inc., its General Partner | ||
By: | /s/ Joshua Hausman | |
Name: Joshua Hausman | ||
Title: Vice President | ||
ONEX PARTNERS GP INC. | ||
By: | /s/ Joshua Hausman | |
Name: Joshua Hausman | ||
Title: Vice President | ||
ONEX US PRINCIPALS LP | ||
By: Onex American Holdings GP LLC, its General Partner | ||
By: | /s/ Joshua Hausman | |
Name: Joshua Hausman | ||
Title: Director | ||
ONEX PARTNERS III PV LP | ||
By: Onex Partners III GP LP, its General Partner | ||
By: Onex Partners Manager LP, its Agent | ||
By: Onex Partners Manager GP ULC, its General Partner | ||
By: | /s/ Joshua Hausman | |
Name: Joshua Hausman | ||
Title: Managing Director |
CUSIP No. 92766K106 | 13D | Page 35 of 38 pages |
ONEX PARTNERS III SELECT LP | ||
By: Onex Partners III GP LP, its General Partner | ||
By: Onex Partners Manager LP, its Agent | ||
By: Onex Partners Manager GP ULC, its General Partner | ||
By: | /s/ Joshua Hausman | |
Name: Joshua Hausman | ||
Title: Managing Director | ||
ONEX PARTNERS III LP | ||
By: Onex Partners III GP LP, its General Partner | ||
By: Onex Partners Manager LP, its Agent | ||
By: Onex Partners Manager GP ULC, its General Partner | ||
By: | /s/ Joshua Hausman | |
Name: Joshua Hausman | ||
Title: Managing Director | ||
ONEX EXPO SARL | ||
By: | /s/ Joshua Hausman | |
Name: Joshua Hausman | ||
Title: Type A Manager | ||
ONEX PARTNERS MANAGER GP ULC | ||
By: | /s/ Joshua Hausman | |
Name: Joshua Hausman | ||
Title: Managing Director | ||
ONEX PARTNERS MANAGER LP | ||
By: Onex Partners Manager GP ULC, its General Partner | ||
By: | /s/ Joshua Hausman | |
Name: Joshua Hausman | ||
Title: Managing Director |
CUSIP No. 92766K106 | 13D | Page 36 of 38 pages |
ONEX PRIVATE EQUITY HOLDINGS LLC | ||
By: | /s/ Joshua Hausman | |
Name: Joshua Hausman | ||
Title: Director | ||
ONEX AMERICAN HOLDINGS GP LLC | ||
By: | /s/ Joshua Hausman | |
Name: Joshua Hausman | ||
Title: Director | ||
ONEX AMERICAN HOLDINGS SUBCO LLC | ||
By: | /s/ Joshua Hausman | |
Name: Joshua Hausman | ||
Title: Director | ||
OAH WIND LLC | ||
By: | /s/ Joshua Hausman | |
Name: Joshua Hausman | ||
Title: Director | ||
EXPO EI LLC | ||
By: | /s/ Joshua Hausman | |
Name: Joshua Hausman | ||
Title: Director | ||
EXPO EI II LLC | ||
By: | /s/ Joshua Hausman | |
Name: Joshua Hausman | ||
Title: Director |
CUSIP No. 92766K106 | 13D | Page 37 of 38 pages |
EXPO EI III LLC | ||
By: | /s/ Joshua Hausman | |
Name: Joshua Hausman | ||
Title: Director | ||
ONEX ADVISOR SUBCO III LLC | ||
By: | /s/ Joel Greenberg | |
Name: Joel Greenberg | ||
Title: Director | ||
1597257 ONTARIO INC. | ||
By: | /s/ Michelle Iskander | |
Name: Michelle Iskander | ||
Title: Secretary | ||
NEW PCO II INVESTMENTS LTD. | ||
By: | /s/ Michelle Iskander | |
Name: Michelle Iskander | ||
Title: Secretary | ||
By: | /s/ Andrea E. Daly | |
Gerald W. Schwartz, by Andrea E. Daly, attorney-in-fact pursuant to a power of attorney incorporated herein by reference from the Schedule 13G/A with respect to Fly Leasing Limited filed by Mr. Schwartz and other reporting persons on April 3, 2017 | ||
ONEX PARTNERS CANADIAN GP INC. | ||
By: | /s/ David Copeland | |
Name: David Copeland | ||
Title: Vice President | ||
By: | /s/ Derek MacKay | |
Name: Derek MacKay | ||
Title: Vice President |
CUSIP No. 92766K106 | 13D | Page 38 of 38 pages |
ONEX PARTNERS V GP LIMITED |
By: | /s/ Kosty Gilis |
Name: | Kosty Gilis | |
Title: | Authorized Person | |
OPV GEM AGGREGATOR LP. | ||
By: Onex Partners V GP Limited, its General Partner, |
By: | /s/ Kosty Gilis |
Name: | Kosty Gilis | |
Title: | Authorized Person |
SCHEDULE A
The name, present principal occupation or employment, business address and citizenship of each of the executive officers and directors of Onex Partners V GP Limited, Onex Partners, Onex Corporation, Onex Expo SARL, Onex Advisor Subco III LLC, Onex Partners Manager GP ULC, Onex Partners GP Inc., Onex Private Equity Holdings LLC, Onex American Holdings GP LLC, Onex American Holdings Subco LLC, OAH Wind LLC, Expo EI LLC, Expo EI II LLC, Expo EI III LLC, 1597257 Ontario Inc., New PCo II Investments Ltd. and Onex Partners Canadian GP Inc. are set forth below.
Onex Corporation
Name |
Present Principal Occupation or Employment |
Citizenship | ||
Gerald W. Schwartz |
Chairman of the Board, President, Chief Executive Officer and Director |
Canada | ||
Ewout R. Heersink |
Director and Senior Managing Director | Canada | ||
Anthony Munk |
Senior Managing Director | Canada | ||
Seth M. Mersky |
Senior Managing Director | United States of America | ||
Robert Le Blanc |
Senior Managing Director | United States of America | ||
Christopher A. Govan |
Senior Managing Director Chief Financial Officer | Canada | ||
Andrea E. Daly |
Managing Director, General Counsel and Secretary | Canada | ||
David W. Copeland |
Managing Director Finance | Canada | ||
Daniel Casey |
Director | Canada | ||
William A Etherington |
Director | Canada | ||
Mitchell Goldhar |
Director | Canada | ||
Serge Gouin |
Director | Canada | ||
Arianna Huffington |
Director | United States of America | ||
John B. McCoy |
Director | United States of America | ||
J. Robert S. Prichard |
Director | Canada | ||
Heather M. Reisman |
Director | Canada | ||
Arni Thorsteinson |
Director | Canada | ||
Beth Wilkinson |
Director | United States of America |
Onex Expo SARL
Name |
Present Principal Occupation or Employment |
Citizenship | ||
Joshua Hausman |
Type A Manager | United States of America | ||
John T. McCoy |
Type A Manager | United States of America | ||
Sascha Groll |
Type B Manager | Luxembourg | ||
Eric Lie |
Type B Manager | Luxembourg |
Onex Advisor Subco III LLC
Name |
Present Principal Occupation or Employment |
Citizenship | ||
Joel Greenberg |
Attorney | United States of America | ||
Marci Settle |
Attorney | United States of America |
Onex Partners Manager GP ULC
Name |
Present Principal Occupation or Employment |
Citizenship | ||
Robert Le Blanc |
Director and Senior Managing Director | United States of America | ||
Matthew Ross |
Director, Managing Director and Secretary | United States of America | ||
Yonah Feder |
Chief Compliance Officer | United States of America | ||
Andrea E. Daly |
General Counsel | Canada | ||
Todd Clegg |
Managing Director | United States of America | ||
Laurence Goldberg |
Managing Director | United States of America | ||
Joshua Hausman |
Managing Director | United States of America | ||
Amir Motamedi |
Managing Director | Canada | ||
Nehal Hakim |
Managing Director | Canada | ||
Sam Camens |
Managing Director | United States of America |
Onex Partners GP Inc.
Name |
Present Principal Occupation or Employment |
Citizenship | ||
Robert Le Blanc |
Director and President | United States of America | ||
Matthew Ross |
Director and Vice President | United States of America | ||
David W. Copeland |
Vice President | Canada | ||
Joshua Hausman |
Vice President | United States of America |
Onex Private Equity Holdings LLC
Name |
Present Principal Occupation or Employment |
Citizenship | ||
Matthew Ross |
Director | United States of America | ||
Joshua Hausman |
Director | United States of America | ||
John T. McCoy |
Director | United States of America |
Onex American Holdings GP LLC
Name |
Present Principal Occupation or Employment |
Citizenship | ||
Matthew Ross |
Director & Representative | United States of America | ||
Joshua Hausman |
Director & Representative | United States of America | ||
John T. McCoy |
Director & Representative | United States of America |
Onex American Holdings Subco LLC
Name |
Present Principal Occupation or Employment |
Citizenship | ||
Matthew Ross |
Director | United States of America | ||
Joshua Hausman |
Director | United States of America | ||
John T. McCoy |
Director | United States of America |
OAH Wind LLC
Name |
Present Principal Occupation or Employment |
Citizenship | ||
Matthew Ross |
Director & Representative | United States of America | ||
Joshua Hausman |
Director & Representative | United States of America | ||
John T. McCoy |
Director & Representative | United States of America |
Expo EI LLC
Name |
Present Principal Occupation or Employment |
Citizenship | ||
Matthew Ross |
Director & Representative | United States of America | ||
Joshua Hausman |
Director & Representative | United States of America | ||
John T. McCoy |
Director & Representative | United States of America |
Expo EI II LLC
Name |
Present Principal Occupation or Employment |
Citizenship | ||
Matthew Ross |
Director & Representative | United States of America | ||
Joshua Hausman |
Director & Representative | United States of America | ||
John T. McCoy |
Director & Representative | United States of America |
Expo EI III LLC
Name |
Present Principal Occupation or Employment |
Citizenship | ||
Matthew Ross |
Director & Representative | United States of America | ||
Joshua Hausman |
Director & Representative | United States of America |
1597257 Ontario Inc.
Name |
Present Principal Occupation or Employment |
Citizenship | ||
Gerald W. Schwartz |
Director & President | Canada | ||
Christopher A. Govan |
Chief Financial Officer | Canada | ||
Lori Shapiro |
Vice President | Canada | ||
Michelle Iskander |
Secretary | Canada | ||
David W. Copeland |
Managing DirectorTax | Canada |
New PCo II Investments Ltd.
Name |
Present Principal Occupation or Employment |
Citizenship | ||
Gerald W. Schwartz |
Director & President | Canada | ||
Christopher A. Govan |
Vice President | Canada | ||
Lori Shapiro |
Vice President | Canada | ||
Michelle Iskander |
Secretary | Canada |
Onex Partners Canada GP Inc.
Name |
Present Principal Occupation or Employment |
Citizenship | ||
Christopher A. Govan |
Director and President | Canada | ||
David W. Copeland |
Director and Vice President | Canada | ||
Seth M. Mersky |
Vice President | United States of America | ||
Ewout R. Heersink |
Vice President | Canada | ||
Andrea E. Daly |
Vice President and Secretary | Canada | ||
Derek Mackay |
Vice President | Canada |
Onex Partners V GP Limited
Name |
Present Principal Occupation or Employment |
Citizenship | ||
Christopher A. Govan |
Director | Canada | ||
Nigel S. Wright |
Director | Canada | ||
Matthew Ross |
Director | United States of America |
Exhibit 1
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k)(1) promulgated under the Securities Exchange Act of 1934, as amended, the undersigned hereby agree that they are jointly filing this statement on Schedule 13D. Each of them is responsible for the timely filing of such statement and any amendments thereto, and for the completeness and accuracy of the information concerning such person contained therein; but none of them is responsible for the completeness or accuracy of the information concerning the other persons making the filing, unless such person knows or has reason to believe that such information is inaccurate.
IN WITNESS WHEREOF, the undersigned hereby execute this Joint Filing Agreement as of the 9th day of July, 2020
ONEX CORPORATION | ||
By: | /s/ David Copeland | |
Name: | David Copeland | |
Title: | Managing Director - Tax | |
ONEX PARTNERS III GP LP | ||
By: Onex Partners GP Inc., its General Partner | ||
By: | /s/ Joshua Hausman | |
Name: | Joshua Hausman | |
Title: | Vice President | |
ONEX PARTNERS GP INC. | ||
By: | /s/ Joshua Hausman | |
Name: | Joshua Hausman | |
Title: | Vice President | |
ONEX US PRINCIPALS LP | ||
By: Onex American Holdings GP LLC, its General Partner | ||
By: | /s/ Joshua Hausman | |
Name: | Joshua Hausman | |
Title: | Director |
ONEX PARTNERS III PV LP | ||
By: Onex Partners III GP LP, its General Partner | ||
By: Onex Partners Manager LP, its Agent | ||
By: Onex Partners Manager GP ULC, its General Partner | ||
By: | /s/ Joshua Hausman | |
Name: | Joshua Hausman | |
Title: | Managing Director | |
ONEX PARTNERS III SELECT LP | ||
By: Onex Partners III GP LP, its General Partner | ||
By: Onex Partners Manager LP, its Agent | ||
By: Onex Partners Manager GP ULC, its General Partner | ||
By: | /s/ Joshua Hausman | |
Name: | Joshua Hausman | |
Title: | Managing Director | |
ONEX PARTNERS III LP | ||
By: Onex Partners III GP LP, its General Partner | ||
By: Onex Partners Manager LP, its Agent | ||
By: Onex Partners Manager GP ULC, its General Partner | ||
By: | /s/ Joshua Hausman | |
Name: | Joshua Hausman | |
Title: | Managing Director | |
ONEX EXPO SARL | ||
By: | /s/ Joshua Hausman | |
Name: | Joshua Hausman | |
Title: | Type A Manager |
ONEX PARTNERS MANAGER GP ULC | ||
By: | /s/ Joshua Hausman | |
Name: | Joshua Hausman | |
Title: | Managing Director | |
ONEX PARTNERS MANAGER LP | ||
By: Onex Partners Manager GP ULC, its General Partner | ||
By: | /s/ Joshua Hausman | |
Name: | Joshua Hausman | |
Title: | Managing Director | |
ONEX PRIVATE EQUITY HOLDINGS LLC | ||
By: | /s/ Joshua Hausman | |
Name: | Joshua Hausman | |
Title: | Director | |
ONEX AMERICAN HOLDINGS GP LLC | ||
By: | /s/ Joshua Hausman | |
Name: | Joshua Hausman | |
Title: | Director | |
ONEX AMERICAN HOLDINGS SUBCO LLC | ||
By: | /s/ Joshua Hausman | |
Name: | Joshua Hausman | |
Title: | Director | |
OAH WIND LLC | ||
By: | /s/ Joshua Hausman | |
Name: | Joshua Hausman | |
Title: | Director |
EXPO EI LLC | ||
By: | /s/ Joshua Hausman | |
Name: | Joshua Hausman | |
Title: | Director | |
EXPO EI II LLC | ||
By: | /s/ Joshua Hausman | |
Name: | Joshua Hausman | |
Title: | Director | |
EXPO EI III LLC | ||
By: | /s/ Joshua Hausman | |
Name: | Joshua Hausman | |
Title: | Director | |
ONEX ADVISOR SUBCO III LLC | ||
By: | /s/ Joel Greenberg | |
Name: | Joel Greenberg | |
Title: | Director | |
1597257 ONTARIO INC. | ||
By: | /s/ Michelle Iskander | |
Name: | Michelle Iskander | |
Title: | Secretary | |
NEW PCO II INVESTMENTS LTD. | ||
By: | /s/ Michelle Iskander | |
Name: | Michelle Iskander | |
Title: | Secretary |
By: | /s/ Andrea E. Daly | |
Gerald W. Schwartz, by Andrea E. Daly, attorney-in-fact pursuant to a power of attorney incorporated herein by reference from the Schedule 13G/A with respect to Fly Leasing Limited filed by Mr. Schwartz and other reporting persons on April 3, 2017 | ||
ONEX PARTNERS CANADIAN GP INC. | ||
By: | /s/ David Copeland | |
Name: | David Copeland | |
Title: | Vice President | |
By: | /s/ Derek MacKay | |
Name: | Derek MacKay | |
Title: | Vice President | |
ONEX PARTNERS V GP LIMITED | ||
By: | /s/ Kosty Gilis | |
Name: | Kosty Gilis | |
Title: | Authorized Person | |
OPV GEM AGGREGATOR LP. | ||
By: Onex Partners V GP Limited, its General Partner, | ||
By: | /s/ Kosty Gilis | |
Name: | Kosty Gilis | |
Title: | Authorized Person |
Exhibit 2
Power of Attorney