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MARTIN LIPTON HERBERT M. WACHTELL THEODORE N. MIRVIS EDWARD D. HERLIHY DANIEL A. NEFF ANDREW R. BROWNSTEIN STEVEN A. ROSENBLUM JOHN F. SAVARESE SCOTT K. CHARLES JODI J. SCHWARTZ ADAM O. EMMERICH RALPH M. LEVENE RICHARD G. MASON ROBIN PANOVKA DAVID A. KATZ ILENE KNABLE GOTTS JEFFREY M. WINTNER TREVOR S. NORWITZ BEN M. GERMANA ANDREW J. NUSSBAUM RACHELLE SILVERBERG STEVEN A. COHEN DEBORAH L. PAUL | DAVID C. KARP RICHARD K. KIM JOSHUA R. CAMMAKER MARK GORDON JEANNEMARIE O’BRIEN WAYNE M. CARLIN STEPHEN R. DiPRIMA NICHOLAS G. DEMMO IGOR KIRMAN JONATHAN M. MOSES T. EIKO STANGE WILLIAM SAVITT GREGORY E. OSTLING DAVID B. ANDERS ANDREA K. WAHLQUIST ADAM J. SHAPIRO NELSON O. FITTS JOSHUA M. HOLMES DAVID E. SHAPIRO DAMIAN G. DIDDEN IAN BOCZKO MATTHEW M. GUEST DAVID E. KAHAN | 51 WEST 52ND STREET NEW YORK, N.Y. 10019-6150 TELEPHONE: (212) 403-1000 FACSIMILE: (212) 403-2000 __________ | DAVID K. LAM BENJAMIN M. ROTH JOSHUA A. FELTMAN ELAINE P. GOLIN EMIL A. KLEINHAUS KARESSA L. CAIN RONALD C. CHEN GORDON S. MOODIE BRADLEY R. WILSON GRAHAM W. MELI GREGORY E. PESSIN CARRIE M. REILLY MARK F. VEBLEN SARAH K. EDDY VICTOR GOLDFELD BRANDON C. PRICE KEVIN S. SCHWARTZ MICHAEL S. BENN SABASTIAN V. NILES ALISON ZIESKE PREISS TIJANA J. DVORNIC JENNA E. LEVINE RYAN A. McLEOD | ANITHA REDDY JOHN L. ROBINSON JOHN R. SOBOLEWSKI STEVEN WINTER EMILY D. JOHNSON JACOB A. KLING RAAJ S. NARAYAN VIKTOR SAPEZHNIKOV MICHAEL J. SCHOBEL ELINA TETELBAUM ERICA E. BONNETT LAUREN M. KOFKE ZACHARY S. PODOLSKY RACHEL B. REISBERG MARK A. STAGLIANO CYNTHIA FERNANDEZ LUMERMANN CHRISTINA C. MA NOAH B. YAVITZ BENJAMIN S. ARFA NATHANIEL D. CULLERTON ERIC M. FEINSTEIN ADAM L. GOODMAN | |||||||||||||
GEORGE A. KATZ (1965–1989) JAMES H. FOGELSON (1967–1991) LEONARD M. ROSEN (1965–2014) __________ OF COUNSEL | |||||||||||||||||
MICHAEL H. BYOWITZ KENNETH B. FORREST SELWYN B. GOLDBERG PETER C. HEIN JB KELLY MEYER G. KOPLOW JOSEPH D. LARSON LAWRENCE S. MAKOW DOUGLAS K. MAYER PHILIP MINDLIN DAVID S. NEILL HAROLD S. NOVIKOFF LAWRENCE B. PEDOWITZ ERIC S. ROBINSON | ERIC M. ROSOF ERIC M. ROTH PAUL K. ROWE DAVID A. SCHWARTZ MICHAEL J. SEGAL DAVID M. SILK ROSEMARY SPAZIANI ELLIOTT V. STEIN WARREN R. STERN LEO E. STRINE, JR.* PAUL VIZCARRONDO, JR. PATRICIA A. VLAHAKIS AMY R. WOLF MARC WOLINSKY | ||||||||||||||||
* ADMITTED IN DELAWARE __________ COUNSEL | |||||||||||||||||
DAVID M. ADLERSTEIN SUMITA AHUJA LOUIS J. BARASH FRANCO CASTELLI ANDREW J.H. CHEUNG PAMELA EHRENKRANZ KATHRYN GETTLES-ATWA ADAM M. GOGOLAK NANCY B. GREENBAUM | ANGELA K. HERRING MARK A. KOENIG CARMEN X.W. LU J. AUSTIN LYONS ALICIA C. McCARTHY NEIL M. SNYDER S. CHRISTOPHER SZCZERBAN JEFFREY A. WATIKER | ||||||||||||||||
August 15, 2023
VIA EDGAR SUBMISSION
U.S. Securities and Exchange Commission
Division of Corporation Finance
100 F Street, NE
Washington, D.C. 20549
| Attention: | Rucha Pandit and Mara Ransom | |||||||
| Division of Corporation Finance | ||||||||
| Office of Trade & Services | ||||||||
| Re: | Epic NewCo, Inc. | |||||||
| Amendment No. 3 to Draft Registration Statement on Form 10-12B | ||||||||
| Submitted July 28, 2023 | ||||||||
| CIK No. 0001967649 | ||||||||
Ladies and Gentlemen:
On behalf of our client, Epic NewCo, Inc. (the “Company”), we are providing the Company’s responses to the comments of the Staff of the Division of Corporation Finance (the “Staff”) of the U.S. Securities and Exchange Commission (the “Commission”) set forth in its letter, dated August 9, 2023, with respect to the above-referenced Amendment No. 3 to Draft Registration Statement on Form 10-12B (the “Third Amendment”). The Company is
U.S. Securities and Exchange Commission
August 15, 2023
Page 2
concurrently publicly filing its Registration Statement on Form 10-12B (the “Form 10”) via EDGAR.
For the Staff’s convenience, the text of the Staff’s comment is set forth below in bold, followed by the Company’s response. Terms not otherwise defined in this letter shall have the meanings set forth in the Form 10. All references to page numbers in these responses are to the pages of the Form 10.
Amendment No. 3 to Draft Registration Statement on Form 10-12B
Unaudited Pro Forma Condensed Combined Financial Information
Note (h), page 59
1.We note your response to comment 2. With the exception of adjustments covered by the Transitions Services Agreement, clarify how you determined the other adjustments to be Autonomous Entity Adjustments and not Management’s Adjustments. In this regard, they appear to be dis-synergies of the transaction. Refer to Item 11-02(a)(6) and (7) of Regulation S-X. In addition, quantify for us the amount of adjustments covered by the Transition Services Agreement for each period presented.
Response: In response to the Staff’s comment, the Company respectfully advises the Staff that other than the incremental expenses related to the Transition Services Agreement and for the Company’s Board of Directors annual compensation program, it has removed the amounts previously presented as autonomous entity adjustments and has provided a presentation of management adjustments that management of the Company believes are necessary to enhance an understanding of the pro forma effects of the transaction. When determining management adjustments, consideration was given to both synergies and dis-synergies when assessing the cost structure required to stand up and operate the Company. The Company concluded the synergies gained from the Company being a stand-alone public entity were not material for disclosure. Disclosure was made of the anticipated dis-synergies expected to be incurred as a standalone public company. This disclosure has been provided on pages 59 to 61 of the unaudited pro forma condensed combined financial information and provides additional detail regarding the nature and types of management adjustments. Separately, the Company has quantified and disclosed the incremental expenses to be incurred by NewCo under the Transition Services Agreement, which are $1.7 million and $1.5 million for the nine months ended June 30, 2023 and for the year ended September 30, 2022, respectively. This disclosure has been provided on page 59 of the unaudited pro forma condensed combined financial information. Please note that the Form 10 includes the incremental expenses for the Company’s Board of Directors annual compensation program as an autonomous entity adjustment since the amounts are under a contractual arrangement as described on page 121 of the Director Compensation section.
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U.S. Securities and Exchange Commission
August 15, 2023
Page 3
If you have any questions, please do not hesitate to contact the undersigned at (212) 403-1107 or AZPreiss@wlrk.com or my colleague David A. Katz at (212) 403-1309 or DAKatz@wlrk.com.
| Very truly yours, | |||||
| /s/ Alison Z. Preiss | |||||
| Alison Z. Preiss | |||||
| cc: | Harold Dichter, Aramark | ||||
| Tim Donovan, Aramark | |||||
| Kim Scott, Aramark | |||||
| David A. Katz, Wachtell, Lipton, Rosen & Katz | |||||