Sec Form 4 Filing - First Pacific Advisors, LLC @ Nexeo Solutions, Inc. - 2017-09-08

Insider filing report for Changes in Beneficial Ownership
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FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person
First Pacific Advisors, LLC
2. Issuer Name and Ticker or Trading Symbol
Nexeo Solutions, Inc. [ NXEO]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director X __ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last) (First) (Middle)
11601 WILSHIRE BLVD., SUITE 1200
3. Date of Earliest Transaction (MM/DD/YY)
09/08/2017
(Street)
LOS ANGELES, CA90025
4. If Amendment, Date Original Filed (MM/DD/YY)
6. Individual or Joint/Group Filing (Check Applicable Line)
_____ Form filed by One Reporting Person
__ X __ Form filed by More than One Reporting Person
(City) (State) (Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 09/08/2017 P 37,682 A $ 7.0834 ( 1 ) 139,321 I See Footnotes ( 2 ) ( 9 ) ( 10 ) ( 11 )
Common Stock 09/11/2017 P 5,318 A $ 7.1315 ( 3 ) 144,639 I See Footnotes ( 2 ) ( 9 ) ( 10 ) ( 11 )
Common Stock 182,067 I See Footnotes ( 4 ) ( 9 ) ( 10 ) ( 11 )
Common Stock 148,987 I See Footnotes ( 5 ) ( 9 ) ( 10 ) ( 11 )
Common Stock 1,775,556 I See Footnotes ( 6 ) ( 9 ) ( 10 ) ( 11 )
Common Stock 190,779 I See Footnotes ( 7 ) ( 9 ) ( 10 ) ( 11 )
Common Stock 816,923 I See Footnotes ( 8 ) ( 9 ) ( 10 ) ( 11 )
Common Stock 1,481,699 I See Footnotes ( 12 ) ( 13 ) ( 14 )
Common Stock 20,123,426 I See Footnotes ( 15 ) ( 16 )
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(MM/DD/YY)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Reporting Owners
Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
First Pacific Advisors, LLC
11601 WILSHIRE BLVD.
SUITE 1200
LOS ANGELES, CA90025
X
FPA Select Fund II, L.P.
11601 WILSHIRE BLVD.
SUITE 1200
LOS ANGELES, CA90025
X
ATWOOD J RICHARD
11601 WILSHIRE BLVD.
SUITE 1200
LOS ANGELES, CA90025
X
ROMICK STEVEN T
11601 WILSHIRE BLVD.
SUITE 1200
LOS ANGELES, CA90025
X
Selmo Brian A.
11601 WILSHIRE BLVD.
SUITE 1200
LOS ANGELES, CA90025
X
Landecker Mark
11601 WILSHIRE BLVD.
SUITE 1200
LOS ANGELES, CA90025
X
Signatures
FIRST PACIFIC ADVISORS, LLC, Name: /s/ J. Richard Atwood, Title: Managing Partner 09/12/2017
Signature of Reporting Person Date
FPA SELECT FUND II, L.P., By: First Pacific Advisors, LLC, its investment adviser, Name: /s/ J. Richard Atwood, Title: Managing Partner 09/12/2017
Signature of Reporting Person Date
J. RICHARD ATWOOD, Name: /s/ J. Richard Atwood 09/12/2017
Signature of Reporting Person Date
STEVEN T. ROMICK, Name: /s/ Steven T. Romick 09/12/2017
Signature of Reporting Person Date
BRIAN A. SELMO, Name: /s/ Brian A. Selmo 09/12/2017
Signature of Reporting Person Date
MARK LANDECKER, Name: /s/ Mark Landecker 09/12/2017
Signature of Reporting Person Date
Explanation of Responses:
( 1 )The purchase price for common stock of Nexeo Solutions, Inc. (the "Issuer") reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $7.02 to $7.12, inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in footnotes (1) and (3) to this Form 4.
( 2 )Shares of common stock of the Issuer held directly by FPA Select Fund II, L.P. ("FPA Select II"). First Pacific Advisors, LLC ("FPA") serves as general partner of and investment adviser to FPA Select II.
( 3 )The purchase price for common stock of the Issuer reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $7.12 to $7.14, inclusive.
( 4 )Shares of common stock of the Issuer held directly by FPA Select Maple Fund, L.P. ("FPA Select Maple"). FPA serves as general partner of and investment adviser to FPA Select Maple.
( 5 )Shares of common stock of the Issuer held directly by FPA Select Fund, L.P. ("FPA Select"). FPA serves as the general partner of and i nvestment adviser to FPA Select. Of the 148,987 shares of common stock of the Issuer held by FPA Select, 16,799 shares are designated Founder Shares and are subject to certain share price restrictions that were previously disclosed.
( 6 )Shares of common stock of the Issuer held directly by FPA Select Drawdown Fund, L.P. ("FPA Select Drawdown"). FPA serves as the general partner of and investment adviser to FPA Select Drawdown. Of the 1,775,556 shares of common stock of the Issuer held by FPA Select Drawdown, 251,058 shares are designated Founder Shares and are subject to certain share price restrictions that were previously disclosed.
( 7 )Shares of common stock of the Issuer held directly by FPA Value Partners Fund, a series of FPA Hawkeye Fund, LLC ("FPA Value Partners"). FPA serves as manager of and investment adviser to FPA Value Partners. Of the 190,779 shares of common stock of the Issuer held by FPA Value Partners, 25,796 shares are designated Founder Shares and are subject to certain share price restrictions that were previously disclosed.
( 8 )Shares of common stock of the Issuer held directly by FPA Global Opportunity Fund, a series of FPA Hawkeye Fund, LLC ("FPA Global Opportunity" and together with FPA Select II, FPA Select Maple, FPA Select, FPA Select Drawdown and FPA Value Partners, the "Private Investment Funds"). FPA serves as manager of and investment adviser to FPA Global Opportunity. Of the 816,923 shares of common stock of the Issuer held by FPA Global Opportunity, 138,224 shares are designated Founder Shares and are subject to certain share price restrictions that were previously disclosed.
( 9 )FPA may be deemed to share voting and/or investment power over the securities of the Issuer held by each of the Private Investment Funds as the investment adviser to and manager or general partner, as applicable, of each of the Private Investment Funds. In addition, Mr. J. Richard Atwood may be deemed to share voting and/or investment power over the securities of the Issuer held by the Private Investment Funds as a Managing Partner of FPA. Mr. Steven T. Romick may be deemed to share voting and/or investment power over the securities of the Issuer held by the Private Investment Funds as a Managing Partner of FPA. Mr. Brian A. Selmo may be deemed to share voting and/or investment power over the securities of the Issuer held by FPA Select Drawdown, FPA Select, FPA Value Partners, FPA Select Maple and FPA Select II as Portfolio Manager of such funds, and over the securities of the Issuer held by the Private Investment Funds as a Partner of FPA.
( 10 )(Continued from Footnote 9) Mr. Mark Landecker may be deemed to share voting and/or investment power over the securities of the Issuer held by FPA Global Opportunity, FPA Select Drawdown, FPA Select, FPA Select Maple and FPA Select II as Portfolio Manager of such funds, and over the securities of the Issuer held by the Private Investment Funds as a Partner of FPA. FPA and Messrs. Atwood, Romick, Selmo and Landecker may be deemed to have a pecuniary interest in a portion of the securities held directly by the Private Investment Funds due to FPA's right to receive performance-based allocations. In addition, Messrs. Romick, Selmo and Landecker may be deemed to have an indirect pecuniary interest in a portion of the securities held directly by FPA Global Opportunity and FPA Select due to their respective ownership interests in such Private Investment Funds and Messrs.
( 11 )(Continued from Footnote 10) Romick and Selmo may be deemed to have an indirect pecuniary interest in a portion of the securities held directly by FPA Value Partners due to their respective ownership interests in such Private Investment Fund. Each of FPA and Messrs. Atwood, Romick, Selmo and Landecker disclaims beneficial ownership of securities of the Issuer held directly by the Private Investment Funds except to the extent of their pecuniary interest therein, and this report shall not be deemed an admission that any of FPA or Messrs. Atwood, Romick, Selmo or Landecker is the beneficial owner of such securities for purposes of Section 16 or any other purpose.
( 12 )Shares of common stock of the Issuer held directly by WLRS Fund I LLC ("WLRS Fund"), a limited liability company controlled by a third party but in which investment advisory clients of FPA are members and own a 99.9% economic interest. FPA may be deemed to share investment power over the securities of the Issuer held by WLRS Fund because FPA is the investment adviser to members of WLRS Fund, including FPA Crescent Fund, a series of FPA Funds Trust ("FPA Crescent Fund"), and such members have an approval right with respect to transfers of the securities of the Issuer held by WLRS Fund pursuant to the limited liability company operating agreement of WLRS Fund (the "LLC Agreement").
( 13 )(Continued from Footnote 12) As a member of WLRS Fund, FPA Crescent Fund may also be deemed to share investment power over the securities of the Issuer held by WLRS Fund due to such approval right. Of the 1,481,699 shares of common stock of the Issuer held by WLRS Fund, 1,256,166 are designated Founder Shares and are subject to certain share price restrictions that were previously disclosed. All shares of common stock of the Issuer held by WLRS Fund are subject to certain restrictions on transfer detailed in that Shareholders' and Registration Rights Agreement, dated March 21, 2016, among WL Ross Holding Corp., WL Ross Sponsor LLC and Nexeo Holdco, LLC (the "Stockholders' Agreement"). Pursuant to such restrictions, without the prior written consent of TPG Global, LLC and WL Ross Sponsor LLC (collectively, the "Sponsors"), the shares of common stock of the Issuer held by WLRS Fund cannot be transferred during the first six months following June 9, 2016 (the "Lock-Up Period"),
( 14 )(Continued from Footnote 13) and then, subject to any permitted underwritten offerings pursuant to the Stockholders' Agreement and other permitted transfers, cannot be transferred through the earlier of 12 months following the expiration of the Lock-Up Period or such time as the Sponsors no longer hold 50% of their initial ownership of the Issuer's common stock. Pursuant to the LLC Agreement, at any time following the lapse of the transfer restrictions on the shares of common stock held by WLRS Fund, each member of WLRS Fund may elect by written notice to the Manager of WLRS Fund to receive a distribution of such unrestricted shares of common stock up to such member's pro rata portion of its respective membership percentage.
( 15 )Shares of common stock of the Issuer held directly by FPA Crescent Fund. FPA is the investment advisor of FPA Crescent Fund and may be deemed to share voting and/or investment power over shares of common stock of the Issuer held by FPA Crescent Fund. In addition, Mr. Atwood may be deemed to share voting and/or investment power over shares of common stock of the Issuer held by FPA Crescent Fund as a Managing Partner of FPA. Mr. Romick may be deemed to share voting and/or investment power over shares of common stock of the Issuer held by FPA Crescent Fund as a Portfolio Manager of FPA Crescent Fund and Managing Partner of FPA. Messrs.
( 16 )(Continued from Footnote 15) Selmo and Landecker may be deemed to share voting and/or investment power over shares of common stock of the Issuer held by FPA Crescent Fund as Portfolio Managers of FPA Crescent Fund and Partners of FPA. FPA only receives an asset-based management fee for serving as investment adviser to FPA Crescent Fund and therefore does not have any pecuniary interest in the securities of the Issuer held by FPA Crescent Fund. Of the 20,123,426 shares of common stock of the Issuer held by FPA Crescent Fund, 2,431,709 shares are designated Founder Shares and are subject to certain share price restrictions that were previously disclosed.

Remarks:
First Pacific Advisors, LLC ("FPA") may be deemed to exercise voting and/or investment power over securities of Nexeo Solutions, Inc. (the "Issuer") that are held directly by certain unaffiliated separately managed accounts (the "Managed Accounts") as FPA serves as investment adviser to such Managed Accounts. FPA only receives an asset-based management fee for serving as investment adviser to such Managed Accounts and therefore does not have any pecuniary interest in the securities of the Issuer held directly by such Managed Accounts. In addition, Messrs. J. Richard Atwood, Steven T. Romick, Brian A. Selmo and Mark Landecker do not have a pecuniary interest in the securities held by the Managed Accounts.

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