0001104659-14-066102.txt : 20140912 0001104659-14-066102.hdr.sgml : 20140912 20140912160044 ACCESSION NUMBER: 0001104659-14-066102 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20140912 DATE AS OF CHANGE: 20140912 GROUP MEMBERS: CLAUS MOLLER GROUP MEMBERS: P2 CAPITAL MASTER FUND I, L.P. GROUP MEMBERS: P2 CAPITAL MASTER FUND VI, L.P. SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: BLACKHAWK NETWORK HOLDINGS, INC CENTRAL INDEX KEY: 0001411488 STANDARD INDUSTRIAL CLASSIFICATION: FINANCE SERVICES [6199] IRS NUMBER: 432099257 STATE OF INCORPORATION: DE FISCAL YEAR END: 1229 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-87444 FILM NUMBER: 141100870 BUSINESS ADDRESS: STREET 1: 5918 STONERIDGE MALL ROAD CITY: PLEASANTON STATE: CA ZIP: 94588 BUSINESS PHONE: 925-226-9990 MAIL ADDRESS: STREET 1: 5918 STONERIDGE MALL ROAD CITY: PLEASANTON STATE: CA ZIP: 94588 FORMER COMPANY: FORMER CONFORMED NAME: BLACKHAWK NETWORK HOLDINGS INC DATE OF NAME CHANGE: 20070904 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: P2 Capital Partners, LLC CENTRAL INDEX KEY: 0001406313 IRS NUMBER: 202436330 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 590 MADISON AVENUE STREET 2: 25TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: (212) 508-5500 MAIL ADDRESS: STREET 1: 590 MADISON AVENUE STREET 2: 25TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 SC 13D 1 a14-20899_1sc13d.htm SC 13D

 

 

UNITED STATES

 

 

SECURITIES AND EXCHANGE COMMISSION

 

 

Washington, D.C. 20549

 

 

 

 

 

SCHEDULE 13D

 

 

Under the Securities Exchange Act of 1934

Blackhawk Network Holdings, Inc.

(Name of Issuer)

 

Class B Common Stock

(Title of Class of Securities)

 

09238E203

(CUSIP Number)

 

Jason Carri

P2 Capital Partners, LLC

590 Madison Avenue

25th Floor

New York, NY 10022
(212) 508-5500

(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications

 

September 8, 2014

(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 §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box o

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 person's 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. 09238E203            13D

 

 

1

Name of Reporting Person
P2 Capital Partners, LLC

I.R.S. Identification No. of Above Person (Entities Only).
20-2436330

 

 

2

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

 o

 

 

(b)

 x

 

 

3

SEC Use Only

 

 

4

Source of Funds (See Instructions)
WC

 

 

5

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or (2e)     o

 

 

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
2,150,000

 

9

Sole Dispositive Power
0

 

10

Shared Dispositive Power
2,150,000

 

 

11

Aggregate Amount Beneficially Owned by Each Reporting Person
2,150,000

 

 

12

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)   o

 

 

13

Percent of Class Represented by Amount in Row (11)
5.4%

 

 

14

Type of Reporting Person (See Instructions)
CO

 

2



 

CUSIP No. 09238E203            13D

 

 

1

Name of Reporting Person.
P2 Capital Master Fund I, L.P.

I.R.S. Identification No. of Above Person (Entities Only).
98-0515452

 

 

2

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

 o

 

 

(b)

 x

 

 

3

SEC Use Only

 

 

4

Source of Funds (See Instructions)
WC

 

 

5

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

6

Citizenship or Place of Organization
Cayman Islands, British West Indies

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7

Sole Voting Power
0

 

8

Shared Voting Power
694,858

 

9

Sole Dispositive Power
0

 

10

Shared Dispositive Power
694,858

 

 

11

Aggregate Amount Beneficially Owned by Each Reporting Person
694,858

 

 

12

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)   o

 

 

13

Percent of Class Represented by Amount in Row (11)
1.7%

 

 

14

Type of Reporting Person (See Instructions)
PN

 

3



 

CUSIP No. 09238E203            13D

 

 

1

Name of Reporting Person.
P2 Capital Master Fund VI, L.P.

I.R.S. Identification No. of Above Person (Entities Only).
27-2915390

 

 

2

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

 o

 

 

(b)

 x

 

 

3

SEC Use Only

 

 

4

Source of Funds (See Instructions)
WC

 

 

5

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

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
1,455,142

 

9

Sole Dispositive Power
0

 

10

Shared Dispositive Power
1,455,142

 

 

11

Aggregate Amount Beneficially Owned by Each Reporting Person
1,455,142

 

 

12

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)   o

 

 

13

Percent of Class Represented by Amount in Row (11)
3.6%

 

 

14

Type of Reporting Person (See Instructions)
PN

 

4



 

CUSIP No. 09238E203            13D

 

 

1

Name of Reporting Person.
Claus Moller

I.R.S. Identification No. of Above Person (Entities Only).

 

 

2

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

 o

 

 

(b)

 x

 

 

3

SEC Use Only

 

 

4

Source of Funds (See Instructions)
WC

 

 

5

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

6

Citizenship or Place of Organization
Denmark

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7

Sole Voting Power
0

 

8

Shared Voting Power
2,150,000

 

9

Sole Dispositive Power
0

 

10

Shared Dispositive Power
2,150,000

 

 

11

Aggregate Amount Beneficially Owned by Each Reporting Person
2,150,000

 

 

12

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)   o

 

 

13

Percent of Class Represented by Amount in Row (11)
5.4%

 

 

14

Type of Reporting Person (See Instructions)
IN

 

5



 

Item 1.                                 Security and Issuer.

 

This Schedule 13D relates to the shares of Class B Common Stock (the “Class B Shares”) of Blackhawk Network Holdings, Inc., a Delaware corporation (the “Issuer”).  The Issuer’s principal executive offices are located at 6220 Stoneridge Mall Road, Pleasanton, California 94588.

 

Item 2.                                 Identity and Background

 

This statement is being filed by and on behalf of the following persons: P2 Capital Partners, LLC (the “Manager”), a Delaware limited liability company, P2 Capital Master Fund I, L.P., a Cayman Islands exempted limited partnership (“Master Fund I”), P2 Capital Master Fund VI, L.P., a Delaware limited partnership (“Master Fund VI” and, together with Master Fund I, the “Funds”), and Claus Moller, a citizen of Denmark (all the preceding persons are the “Reporting Persons”).

 

The address of the principal office of each of the above Reporting Persons is 590 Madison Avenue, 25th Floor, New York, NY 10022.

 

The Funds are principally involved in the business of investing in securities.  The Manager is principally involved in the business of providing investment advisory and investment management services to the Funds and, among other things, exercises all voting and other powers and privileges attributable to any securities held for the account of the Funds.  Mr. Moller is the managing member of the Manager.

 

None of the Reporting Persons has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).  None of the Reporting Persons has, during the last five years, been 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.

 

The source of funds for the purchases of Class B Shares reported on herein was cash on hand and the general working capital of the respective purchasers, which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business.

 

As of September 11, 2014, Master Fund I had invested $17,234,054 (excluding brokerage commissions) in the Class B Shares of the Issuer and Master Fund VI had invested $35,461,995 (excluding brokerage commissions) in the Class B Shares of the Issuer.

 

6



 

Item 4.                                 Purpose of Transaction

 

The Reporting Persons acquired their beneficial ownership of the Class B Shares in order to obtain a significant equity position in the Issuer.  Consistent with their investment purpose, the Reporting Persons have had or may in the future have discussions with management, members of the board of directors and other shareholders and may make suggestions and give advice to the Issuer regarding measures and changes that would maximize shareholder value.  Such discussions and advice may concern the Issuer’s operations, capital structure, strategic and extraordinary transactions, management and governance and other matters that the Reporting Persons deem relevant to their investment in the Issuer.

 

The Reporting Persons may at any time acquire additional Class B Shares (or other securities) of the Issuer or dispose of any or all of their Class B Shares or other securities in the open market or otherwise or engage in any hedging or similar transactions with respect to such Class B Shares (or other securities), depending upon their ongoing evaluation of their investment in such Class B Shares (or other securities), prevailing market conditions, other investment opportunities and/or other investment considerations.

 

Except as otherwise set forth above in this Item 4, none of the Reporting Persons have any present plans or proposals that relate to or would result in any of the actions specified in clauses (a) through (j) of the instructions to Item 4 of Schedule 13D.

 

Item 5.                                 Interest in Securities of Issuer.

 

(a), (b):  The responses of the Reporting Persons to Rows (7) through (13) of the cover pages of this Statement on Schedule 13D are incorporated herein by reference.  As of the close of business on September 11, 2014, Master Fund I beneficially owned an aggregate of 694,858 Class B Shares, representing approximately 1.7% of the outstanding Class B Shares and Master Fund VI beneficially owned an aggregate of 1,455,142 Class B Shares, representing approximately 3.6% of the outstanding Shares.  As of the close of business on September 11, 2014, each of the Manager and Mr. Moller may be deemed to beneficially own 2,150,000 Class B Shares of Common Stock, in the aggregate, which represented approximately 5.4% of the outstanding Class B Shares.  All percentages set forth in this paragraph are based on 40,175,000 Class B Shares of Common Stock outstanding (as of July 15, 2014), which number of Class B Shares of Common Stock is based upon the Issuer’s Report on Form 10-Q filed on July 22, 2014 for the quarter ended June 14, 2014.

 

Each of the Funds is the direct owner of the Class B Shares reported owned by it.  For purposes of disclosing the number of Class B Shares beneficially owned by each of the Reporting Persons, the Manager, as investment manager of the Funds, and Mr. Moller, as managing member of the Manager, may be deemed to own beneficially (as that term is defined in Rule 13d-3 under the Securities Exchange Act of 1934) all Class B Shares that are owned beneficially and directly by the Funds.  Each of the Manager and Mr. Moller disclaims beneficial ownership of such Class B Shares for all other purposes.  Master

 

7



 

Fund I and Master Fund VI each disclaim beneficial ownership of the Class B Shares held directly by the other.

 

(c) Except as set forth above or in Schedule I, no Reporting Person has effected any transaction in the Class B Shares during the 60 days preceding the date hereof.

 

(d) Not applicable.

 

(e) Not applicable.

 

Item 6.                                 Contracts, Arrangements, Understandings, and Relationships with respect to Securities of the Issuer.

 

Except as set forth herein, there are no contracts, arrangements, understandings or relationships among the persons named in Item 2 or between such persons and any other person with respect to the Class B Shares.

 

Item 7.                                 Material to be Filed as Exhibits.

 

Exhibit 99.1: Joint Filing Agreement, dated September 12, 2014, among P2 Capital Master Fund I, L.P., P2 Capital Master Fund VI, L.P., P2 Capital Partners, LLC and Claus Moller.

 

8



 

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 12, 2014

 

P2 CAPITAL MASTER FUND I, L.P.

P2 CAPITAL MASTER FUND VI, L.P.

 

 

By:

P2 Capital Partners, LLC,

By:

P2 Capital Partners, LLC,

 

as Investment Manager

 

as Investment Manager

 

 

 

 

 

 

 

 

By:

s/Claus Moller

 

 

By:

s/Claus Moller

 

 

Name: Claus Moller

 

 

Name: Claus Moller

 

 

Title: Managing Member

 

 

Title: Managing Member

 

 

 

 

 

 

 

 

 

 

 

 

P2 CAPITAL PARTNERS, LLC

CLAUS MOLLER

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

s/Claus Moller

 

 

 

s/Claus Moller

 

 

Name: Claus Moller

 

 

 

 

 

Title: Managing Member

 

 

 

 

INDEX TO EXHIBITS

 

Exhibit No.

 

Exhibit

99.1

 

Joint Filing Agreement, dated September 12, 2014, among P2 Capital Master Fund I, L.P., P2 Capital Master Fund VI, L.P., P2 Capital Partners, LLC and Claus Moller

 

9


EX-99.1 2 a14-20899_1ex99d1.htm EX-99.1

EXHIBIT (99.1)

 

JOINT FILING AGREEMENT

 

In accordance with Rule 13D-1(k)(1) promulgated under the Securities Exchange Act of 1934, the undersigned agree to the joint filing of a Statement on Schedule 13D (including any and all amendments thereto) with respect to the Class B Shares of Common Stock of Blackhawk Network Holdings, Inc. and further agree to the filing of this agreement as an Exhibit thereto.  In addition, each party to this Agreement expressly authorizes each other party to this Agreement to file on its behalf any and all amendments to such Statement on Schedule 13D.

 

 

Date: September 12, 2014

 

P2 CAPITAL MASTER FUND I, L.P.

P2 CAPITAL MASTER FUND VI, L.P.

 

 

 

By:

P2 Capital Partners, LLC,

By:

P2 Capital Partners, LLC,

 

as Investment Manager

 

as Investment Manager

 

 

 

 

By:

s/Claus Moller

 

By:

s/Claus Moller

 

Name: Claus Moller

 

Name: Claus Moller

 

Title: Managing Member

 

Title: Managing Member

 

 

 

 

 

 

 

 

P2 CAPITAL PARTNERS, LLC

CLAUS MOLLER

 

 

 

 

 

 

 

s/Claus Moller

 

 

 

 

By:

s/Claus Moller

 

 

 

 

Name: Claus Moller

 

 

 

Title: Managing Member

 

 

 

1



 

Schedule I

 

TRANSACTIONS IN THE PAST SIXTY DAYS BY THE REPORTING PERSONS

 

The following table sets forth all transactions with respect to Shares of the Issuer’s Common Stock effected during the past sixty (60) days by any of the Reporting Persons.  The transactions occurred on the open market and the reported price per share excludes brokerage commissions.

 

Shares Purchased/(Sold) by Manager on behalf of Master Fund I

 

Number of Shares Purchased/(Sold)

 

Price Per Share

 

Date

4,927

 

$

26.9948

 

7/25/14

454

 

$

26.4985

 

7/28/14

895

 

$

27.4998

 

8/1/14

1,269

 

$

27.4920

 

8/4/14

14,381

 

$

27.4847

 

8/5/14

460

 

$

27.5000

 

8/6/14

6,233

 

$

27.4733

 

8/12/14

693

 

$

27.9985

 

8/13/14

41,250

 

$

28.3727

 

8/14/14

10,791

 

$

28.0802

 

8/15/14

20,020

 

$

28.0000

 

8/20/14

38,250

 

$

27.7364

 

9/8/14

18,458

 

$

27.9945

 

9/9/14

8,538

 

$

27.9985

 

9/10/14

 



 

Shares Purchased/(Sold) by Manager on behalf of Master Fund VI

 

Number of Shares Purchased/(Sold)

 

Price Per Share

 

Date

9,163

 

$

26.9948

 

7/25/14

846

 

$

26.4985

 

7/28/14

1,665

 

$

27.4998

 

8/1/14

2,361

 

$

27.4920

 

8/4/14

26,770

 

$

27.4847

 

8/5/14

859

 

$

27.5000

 

8/6/14

11,612

 

$

27.4733

 

8/12/14

1,292

 

$

27.9985

 

8/13/14

76,873

 

$

28.3727

 

8/14/14

20,109

 

$

28.0802

 

8/15/14

37,280

 

$

28.0000

 

8/20/14

71,116

 

$

27.7364

 

9/8/14

34,329

 

$

27.9945

 

9/9/14

15,879

 

$

27.9985

 

9/10/14

 

3