Angie’s Lists reaches deal with TCS Capital for stock purchase, seats on the board
Angie’s List Board expands to 11 directors, 9 of whom are independent and 9 of whom have joined the Board in the past 5 years
INDIANAPOLIS, Ind. – March 1, 2016 — Angie’s List today announced that it has reached an agreement with TCS Capital pursuant to which Eric Semler, Founder and President of TCS Capital, and consumer technology and media industry veterans, George Bell and Tom Evans, have been appointed to the Angie’s List Board of Directors.
“We are delighted to welcome well respected and accomplished individuals to the Angie’s List Board, including veterans of the consumer technology and media industry and a large shareholder who brings deep expertise investing in the digital media and e-commerce space,” said Angie’s List Chairman John Chuang. “George has always had a passion for the intersection of content, digital transformation and consumer experience, set against a backdrop of changing business models. Equally complementary to Angie’s List, Tom brings an outstanding record of catalyzing growth with consumer businesses built on technology-based platforms. Eric has an excellent investing track record in the digital space and we look forward to his input as we work to enhance shareholder value at Angie’s List. We are confident these new directors will be valuable contributors to the Company.”
Scott Durchslag, Angie’s List President and Chief Executive Officer, said, “Since joining Angie’s List, my confidence in the Company and our opportunity as the market leader in home services has only become stronger. Angie’s List has unparalleled brand awareness and trust with consumers, over 10 million reviews and a strong base of high quality service providers. The depth of our data and the experience we offer to consumers and service providers is compelling; our new Angie’s List 4.0 platform now rolling out will take us to an even higher level. As we will detail at our upcoming investor day, our new Profitable Growth Plan enables us to reach deeper into the marketplace and better monetize visits to Angie’s List in order to reignite revenue growth and drive profitability. We look forward to the insights provided by these new directors as we work to execute on this plan and capitalize on the Company’s many strengths.”
Mr. Semler said, “We are pleased to have reached a constructive agreement with Angie’s List. The Company has a strong brand and customer base, and I believe we have the opportunity to realize exceptional returns for all shareholders. Tom Evans brings deep executive level experience in the e-commerce and digital media industries, George Bell further enhances the Board with his wealth of experience as a senior executive, board director and investor across a broad spectrum of the digital communications industry, and I look forward to joining as another shareholder representative in the boardroom. We will work with our fellow board members to oversee Angie’s List management and to help drive improved operating and financial performance in 2016 and beyond. We are excited to begin this important work immediately.”
Mr. Bell said, “Angie’s List stands out for its brand strength, its depth of genuine reviews and the vibrancy of its community. I look forward to drawing on my experience to help accelerate the Company’s growth, while enriching its value to shareholders, members and merchant partners alike.”
Mr. Evans said, “I am delighted to join the Angie’s List Board and work with the Board and the management team in their efforts to lead and shape the home services marketplace. I believe strongly in the Company’s brand value, market opportunity and prospects for increased profitability.”
Angie’s List also announced that after 10 years of service, John Biddinger has retired from the Board effective upon the entry into the settlement agreement.
Mr. Chuang continued, “John has served as a distinguished member of the Angie’s List Board since 2006. We appreciate his leadership and the guidance he has provided as both a director and as a member of the Board’s Audit and Nominating and Governance committees. We are grateful for his service and wish him all the best going forward.”
With the changes announced today, which are effective immediately, the Angie’s List Board has been expanded to 11 directors, 9 of whom are independent and 9 of whom have joined the Board in the past 5 years. Mr. Semler will serve as a Class III director, Mr. Bell as a Class II director, and Mr. Evans as a Class I director.
The agreement between TCS Capital and Angie’s List includes customary standstill and voting commitments by TCS Capital and permits TCS Capital to purchase up to 12.75% of the Company’s outstanding shares. The full agreement between Angie’s List and TCS Capital will be included as an exhibit to a Current Report on Form 8-K and filed by Angie’s List with the Securities and Exchange Commission.