Dan Friedberg‘s Sagard Capital Partners Management Corp reported dumping its entire stake in Innerworkings Inc (NASDAQ:INWK) via an amended 13D filing with the Securities and Exchange Commission. According to the filing, the fund doesn’t own any shares of the company in which it previously held 7.16 million shares, which accounted for 13.1% of the company’s outstanding stock. Dan Friedberg was a Director of Innerworkings Inc (NASDAQ:INWK), but resigned from his position on August 15.
Innerworkings is a global marketing executions company that provides its professional services to Fortune 500 brands covering a variety of industries, which operates in three divisions: Latin America, North America, and EMEA. Over the past 12 months, the company’s stock is up by 19.22%. For the second quarter of 2016, Interworkings disclosed non-GAAP diluted earnings per share of $0.11 and revenue of $269.2 million, topping the estimates $0.04 and $265.1 million respectively.
lassedesignen/Shutterstock.com
According to Insider Monkey’s database, there was no change in the number of hedge fund positions in Innerworkings (NASDAQ:INWK) in the second quarter, among those in our database, as 11 investors were long the stock at the end of June. Among them were Jim Simons’ Renaissance Technologies, which held a position worth around $2.77 million, Chuck Royce’s Royce & Associates, with a position valued at $943,000, and Ken Griffin’s Citadel Investment Group. Peter Algert and Kevin Coldiron’s Algert Coldiron Investors initiated a new position in the company during the quarter, worth $170,000 at the end of June.
Follow Innerworkings Inc (NASDAQ:INWK)
Follow Innerworkings Inc (NASDAQ:INWK)
You can access the original SEC filing by clicking here.
Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| Sagard Capital Partners | 0 | 0 | 0 | 0 | 0 | |
| Sagard Capital Partners GP, Inc | 0 | 0 | 0 | 0 | 0 | |
| Sagard Capital Partners Management Corp | 0 | 0 | 0 | 0 | 0 |
Follow Dan Friedberg's Sagard Capital Partners Management Corp
Page 1 of 6 – SEC Filing
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 7)*
Innerworkings, Inc.
(Name of Issuer)
Common Stock, par value $0.0001 per share
(Title Class of Securities)
45773Y105
(CUSIP Number)
Samuel Robinson
Sagard Capital Partners, L.P.
325 Greenwich Avenue
Greenwich, CT 06830
(203) 629-6700
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
September 8, 2016
(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), 13d-1(f) or 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 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).
Page 2 of 6 – SEC Filing
CUSIP No. 45773Y105
Page 1 of 3
1
NAME OF REPORTING PERSON: Sagard Capital Partners, L.P.
I.R.S. Identification No. of Above Person (Entities Only): 20-3332164
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See instructions)
(a) [
]
(b) [
]
3
SEC USE ONLY
4
SOURCE OF FUNDS
WC
5
CHECK BOX 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: 0 | |
| 9 SOLE DISPOSITIVE POWER: 0 | |
| 10 SHARED DISPOSITIVE POWER: 0 |
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
0
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES
[
]
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):
—
14
TYPE OF REPORTING PERSON:
PN
Follow Innerworkings Inc (NASDAQ:INWK)
Follow Innerworkings Inc (NASDAQ:INWK)
Page 3 of 6 – SEC Filing
CUSIP No. 45773Y105
Page 2 of 3
1
NAME OF REPORTING PERSON: Sagard Capital Partners GP, Inc.
I.R.S. Identification No. of Above Person (Entities Only): 20-3331555
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See instructions)
(a) [
]
(b) [
]
3
SEC USE ONLY
4
SOURCE OF FUNDS
AF
5
CHECK BOX 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: 0 | |
| 9 SOLE DISPOSITIVE POWER: 0 | |
| 10 SHARED DISPOSITIVE POWER: 0 |
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
0
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES
[
]
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):
—
14
TYPE OF REPORTING PERSON:
CO
Follow Innerworkings Inc (NASDAQ:INWK)
Follow Innerworkings Inc (NASDAQ:INWK)
Page 4 of 6 – SEC Filing
CUSIP No. 45773Y105
Page 3 of 3
1
NAME OF REPORTING PERSON: Sagard Capital Partners Management Corp.
I.R.S. Identification No. of Above Person (Entities Only): 20-2402055
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See instructions)
(a) [
]
(b) [
]
3
SEC USE ONLY
4
SOURCE OF FUNDS
AF
5
CHECK BOX 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: 0 | |
| 9 SOLE DISPOSITIVE POWER: 0 | |
| 10 SHARED DISPOSITIVE POWER: 0 |
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
0
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES
[
]
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):
—
14
TYPE OF REPORTING PERSON:
CO
Follow Innerworkings Inc (NASDAQ:INWK)
Follow Innerworkings Inc (NASDAQ:INWK)
Page 5 of 6 – SEC Filing
Introduction
This Amendment No. 7 to Schedule 13D (this Statement) relates to the beneficial ownership of Common Stock, $0.0001 par value per share (the Shares) of Innerworkings, Inc., a Delawarecorporation (the Issuer). This Statement is being filed on behalf of the Reporting Persons and amends and supplements the Schedule 13D filed by the Reporting Persons dated August 8, 2011, as heretofore amended. Unless otherwise defined, all capitalized terms used herein shall have the respective meanings given such terms in the initial Schedule 13D.
Item 4.
Purpose of Transaction.
Item 4 is hereby supplemented with the addition of the following:
On September 8, 2016, the Reporting Persons ceased to own any Shares.
Item 5.
Interest in Securities of the Issuer.
Items 5(a)-(c) are hereby amended and restated in their entirety as follows:
(a)
The Shares reported herein were held directly by Sagard. As of September 8, 2016, none of the Reporting Persons beneficially owned any Shares.
In accordance with Securities and Exchange Commission Release No. 34-39538 (January 12, 1998) (the Release) this filing reflects the securities beneficially owned by PCC and certain of its subsidiaries, including Sagard. The filing does not reflect securities beneficially owned, if any, by any subsidiaries of PCC whose ownership of securities is disaggregated from that of PCC in accordance with the Release.
The beneficial ownership reflected in the remainder of this Item 5, and in the cover pages, reflect beneficial ownership as of September 8, 2016.
(b)
Sole power to vote or direct the vote: 0
Shared power to vote or direct the vote: 0
Sole power to dispose or to direct the disposition: 0
Shared power to dispose or direct the disposition: 0
The power to vote or to direct the vote or to dispose or direct the disposition of the Shares reported herein was shared among the Reporting Persons.
(c)
The following sale transactions have been effected by Sagard over the last 60 days, all in open market transactions:
| Trade Date | Price | Quantity |
| 8/17/2016 | $9.2467 | 16,354 |
| 8/18/2016 | $9.089 | 28,000 |
| 8/19/2016 | $9.0612 | 7,200 |
| 8/22/2016 | $8.8386 | 14,254 |
| 8/23/2016 | $9.0618 | 62,200 |
| 8/23/2016 | $8.8611 | 20,000 |
| 8/24/2016 | $9.0908 | 18,900 |
| 8/24/2016 | $8.9501 | 117,000 |
| 8/25/2016 | $9.0735 | 33,000 |
| 8/26/2016 | $8.994 | 22,663 |
| 8/29/2016 | $8.8601 | 24,573 |
| 8/30/2016 | $8.8792 | 8,710 |
| 8/30/2016 | $8.892 | 9,901 |
| 8/31/2016 | $8.849 | 55,812 |
| 9/1/2016 | $8.8922 | 11,738 |
| 9/1/2016 | $8.8 | 309,251 |
| 9/8/2016 | $8.25 | 6,721,467 |
(e)
On September 8, 2016, each of the Reporting Persons ceased to be the beneficial owner of at least 5% of the Common Stock.
Follow Innerworkings Inc (NASDAQ:INWK)
Follow Innerworkings Inc (NASDAQ:INWK)
Page 6 of 6 – SEC Filing
SIGNATURE
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: September 8, 2016 | SAGARD CAPITAL PARTNERS, L.P. By: Sagard Capital Partners GP, Inc., its general partner By: /s/Samuel Robinson Name: Samuel Robinson Title: President |
| SAGARD CAPITAL PARTNERS GP, INC. By: /s/Samuel Robinson Name: Samuel Robinson Title: President | |
| SAGARD CAPITAL PARTNERS MANAGEMENT CORP. By: /s/Samuel Robinson Name: Samuel Robinson Title: President |
