Platinum Eagle Acquisition Corp. Completes Acquisition of Target Logistics Management, LLC and RL Signor Holdings, LLC

Platinum Eagle Acquisition Corp. changes name to Target Hospitality
Corp.

Target Hospitality is the largest provider of specialty rental
accommodations with premium catering and value-added hospitality
services in the U.S.

Target Hospitality Corp. will trade on NASDAQ under the ticker symbol
“TH”

Strategic business combination provides capital and strong foundation
for Target Hospitality’s long-term profitable growth

LOS ANGELES & THE WOODLANDS, Texas–(BUSINESS WIRE)–Platinum Eagle Acquisition Corp. (Nasdaq: EAGL) (“Platinum Eagle”), a
publicly traded special purpose acquisition company, Target Logistics
Management, LLC (“Target Lodging”), and RL Signor Holdings, LLC (“Signor
Lodging”) announced today that they have completed their previously
announced business combination under which Platinum Eagle acquired both
Target Lodging and Signor Lodging for approximately $1.4 billion in
total consideration. This transaction, which was approved on March 6 by
Platinum Eagle’s stockholders, creates the largest provider of specialty
rental accommodations with premium catering and value-added hospitality
services in the U.S.

Upon completion of the business combination, Platinum Eagle changed its
name to Target Hospitality Corp. (“Target Hospitality”). Beginning March
18, 2019, common stock and public warrants of Target Hospitality will
start trading on the NASDAQ stock exchange under new ticker symbols “TH”
and “THWWW,” respectively.

Target Hospitality will be led by Target Lodging’s highly experienced
management team, including President and Chief Executive Officer Brad
Archer, Chief Financial Officer Andy Aberdale, Chief Commercial Officer
Troy Schrenk, Executive Vice President and General Counsel Heidi Lewis,
and Senior Vice President of Operations Travis Kelley, who will continue
to serve in their respective roles. Stephen Robertson, Co-Founder of TDR
Capital, the private equity firm that owns Algeco, the parent of Target
Lodging, and also owned Signor Lodging, will serve as Chairman of the
combined company and will be joined on the board by Gary Lindsay, a
Partner at TDR Capital, and Jeff Sagansky, CEO of Platinum Eagle.

Mr. Sagansky commented, “Brad and management have done a great job
delivering a superior customer experience that no other competitor has
come close to replicating. This has resulted in long term customer
commitments and stellar financial results. This strategic business
combination further enhances Target Hospitality’s proven platform and
growth profile, positioning it to become a truly dynamic public company
story.”

Mr. Archer said, “Becoming a publicly traded company represents a
significant milestone that has been made possible through the hard work
and dedication of all our employees. With greater financial flexibility
and a clear plan to create long-term shareholder value, we are well
positioned to capitalize on the opportunities ahead of us to fuel Target
Hospitality’s sustainable growth. Target has a long history of
partnering with its clients to provide the competitive advantage they
need to both recruit and retain top talent; we now see even greater
opportunities to improve and further exceed client expectations by
delivering unparalleled service and amenities they can always count on.”

Mr. Robertson stated, “As a public company with experienced leadership,
meaningful scale, a high-quality portfolio and an unparalleled suite of
vertically integrated solutions, Target Hospitality is poised to expand
its position as the largest provider of specialty rental accommodations
and value-add services. With the closing of this transaction, a strong
foundation has been laid for long-term profitable growth.”

Deutsche Bank Securities Inc. and BofA Merrill Lynch served as capital
markets advisors and private placement agents to Platinum Eagle.
Oppenheimer & Co. Inc. acted as exclusive financial advisor on the
transaction. Deutsche Bank Securities Inc. served as general financial
advisor to Platinum Eagle. Winston & Strawn LLP acted as legal advisor
to Platinum Eagle and Allen & Overy LLP acted as legal advisor to Target
Lodging and Signor Lodging.

About Target Hospitality

Headquartered in The Woodlands, Texas, Target Hospitality is the public
holding company for Target Lodging, Signor Lodging and their respective
subsidiaries. Target Hospitality, through Target Lodging and Signor
Lodging, builds, owns and operates customized housing communities for a
range of end users, and offers a full suite of cost-effective
hospitality solutions including culinary, catering, concierge, laundry
and security services as well as recreational facilities. Target
Hospitality primarily serves the oil and gas, energy and government
sectors and its growing network of communities is designed to maximize
workforce productivity and satisfaction. Prior to the acquisition of
Target Lodging and Signor Lodging and contemporaneous name change to
Target Hospitality, Platinum Eagle Acquisition Corp. was a special
purpose acquisition company formed for the purpose of effecting a
merger, share exchange, asset acquisition, share purchase,
reorganization or similar business combination. The company began
trading on the NASDAQ stock exchange in January 2018 and, prior to its
combination with Target Lodging and Signor Lodging in March 2019, its
Class A ordinary shares, units and warrants traded on the Nasdaq stock
market under the ticker symbols EAGL, EAGLU and EAGLW, respectively.

Forward-Looking Statements

Certain statements made in this release are “forward looking statements”
within the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. When used in this
press release, the words “estimates,” “projected,” “expects,”
“anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,”
“may,” “will,” “should,” “future,” “propose” and variations of these
words or similar expressions (or the negative versions of such words or
expressions) are intended to identify forward-looking statements. These
forward-looking statements are not guarantees of future performance,
conditions or results, and involve a number of known and unknown risks,
uncertainties, assumptions and other important factors, many of which
are outside Target Hospitality’s, Target Lodging’s or Signor Lodging’s
control, that could cause actual results or outcomes to differ
materially from those discussed in the forward-looking statements.
Important factors, among others, that may affect actual results or
outcomes include: the inability to recognize the anticipated benefits of
the business combination; the inability to meet Nasdaq listing
standards; costs related to the business combination; Target
Hospitality’s ability to manage growth; Target Hospitality’s ability to
execute its business plan and meet its projections; Target Hospitality’s
ability to identify, consummate and integrate acquisitions; rising costs
adversely affecting Target Hospitality’s profitability; potential
litigation involving Target Hospitality, and general economic and market
conditions impacting demand for Target Hospitality’s products and
services, and in particular economic and market conditions in the oil
industry in the markets in which Target Hospitality operates. None of
Target Hospitality, Target Lodging or Signor Lodging undertakes any
obligation to update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, except as
required by law.

Contacts

Investors
Narinder Sahai
Tel: 832-702-8009
Email: Narinder
Sahai

Rodny Nacier
Tel: 832-702-8009
Email: Rodny
Nacier

Media
Jason Chudoba
Tel: 646-277-1249
Email: Jason
Chudoba

Elyse Gentile
Tel: 646-677-1823
Email: Elyse
Gentile