January 11, 2017
Sequel Youth and Family Services and Global Partner Acquisition Corp. Announce Agreement for Business Combination
Sequel Youth and Family Services ("Sequel"), a leading, national provider of diversified behavioral health services for children, adolescents and adults with behavioral, emotional or physical challenges, and Global Partner Acquisition Corp. (Nasdaq: GPAC; GPACW; GPACU), a special purpose acquisition company ("GPAC"), today announced they have entered into a definitive merger agreement. This transaction will enable Sequel to become a Nasdaq-listed public company, with an anticipated initial enterprise value of approximately $423.3 million.
January 05, 2017
Acasta Enterprises Inc. Announces Closing of Qualifying Acquisition
Acasta Enterprises Inc. (TSX: AEF) ("Acasta") announced today the closing of its qualifying acquisition of 100% of three exceptional businesses, alongside Acasta's launch as a long-term investment and private equity management firm. Acasta has acquired two leading private label consumer staples businesses, Apollo Health and Beauty Care Partnership and JemPak Corporation, and a best-in-class commercial aviation finance advisory and asset management business, Stellwagen Group.
December 27, 2016
Pacific Special Acquisition Corp. Announces Signing of Merger Agreement with Borqs International Holding Corp.
Pacific Special Acquisition Corp. ("Pacific" or the "Company", NASDAQ: PAACU, PAAC, PAACR and PAACW) announced today that it has signed a definitive merger agreement with Borqs International Holding Corp ("Borqs"), a leading global provider of smart connected devices and cloud service solutions for the Internet of Things ("IoT") industry. Upon closing under the merger agreement, Borqs will become the operating entity of the combined company.
December 22, 2016
Hennessy Capital Acquisition Corp. II (HCAC) to Merge with Daseke in $626M Deal
Hennessy Capital Acquisition Corp. II (NASDAQ: HCAC) (NASDAQ: HCACU) (NASDAQ: HCACW) (“HCAC”) and Daseke, Inc. (“Daseke”) today announced they have entered into a definitive merger agreement. This proposed transaction will allow Daseke to become a Nasdaq-listed public company.
December 20, 2016
Origo Acquisition Corporation and Aina Le’a, Inc. Agree to Business Combination
Origo Acquisition Corporation (NASDAQ: OACQ; OACQW; OACQU; OACQR) (“Origo”) today announced that it has entered into a Merger Agreement (“Merger Agreement”) with Aina Le’a, Inc. (“Aina Le’a”), a residential and commercial real estate developer of distinctive master-planned communities in Hawaii. Pursuant to the terms of the Merger Agreement, Origo will merge with and into Aina Le’a Merger Sub, Inc., a newly formed subsidiary of Aina Le’a, and equity holders and warrant holders of Origo will become equity holders and warrant holders of Aina Le’a (the “Business Combination”).
December 19, 2016
Terrapin 3 Acquisition Corporation Completes Business Combination with Yatra Online
Terrapin 3 Acquisition Corporation announced that it has closed its business combination with Yatra Online valued at approximately $93 million, pursuant which Terrapin has become a partially owned subsidiary of Yatra.
August 19, 2016
Blank check from Greece: Stellar Acquisition III prices $65 million IPO at $10, as expected
Stellar Acquisition III, a Greek blank check company, announced the closing of its initial public offering in the amount of $65,000,000. EG&S acted as counsel to Stellar.
August 15, 2016
Another Way to Invest With the Smart Money: SPACs
Stocks of Blackstone, Carlyle Group and other publicly traded private-equity firms aren't the only way that individual investors that don't want to fork over what it takes to buy into a partnership can participate in this part of the smart money set. In fact, legendary investor Wilbur Ross has led PE into a little-known corner of the public markets known as special-purpose acquisition companies, which raise capital through IPOs that is then put to use in M&A. Of course, you and other buyers of SPAC shares may have no idea what the PE firms will end up
July 14, 2016
Terrapin 3 Acquisition Corporation Announces Business Combination with Yatra Online, Inc.
A rapidly growing India-based online travel agent, and Terrapin 3 Acquisition Corporation (NASDAQ: TRTL; "TRTL"), announced that they have entered into a definitive agreement to combine in a transaction that values Yatra at an enterprise value of $218 million. Yatra is one of the fastest growing consumer travel platforms and online travel agents in India with more than 4 million customers. TRTL is a special purpose acquisition company formed for the purpose of effecting a...
July 06, 2016
How Wall Street made an absolute killing from Twinkies
Apollo Global Management and the family-owned private equity firm C. Dean Metropoulos & Company — which together bought Hostess out of bankruptcy in 2013 — have sold the company to Gores Holdings, a special purpose acquisition company, for some $675 million.
June 23, 2016
Blank check company Conyers Park Acquisition files and sets terms for $350 million IPO
Conyers Park Acquisition, a blank check company led by the former CEO of Gillette, announced terms for its IPO on Monday.
June 14, 2016
Kew Media Group Inc. Announces Completion of $70,000,000 Initial Public Offering
Kew Media Group Inc. (the "Corporation") has closed its $70,000,000 initial public offering of Class A Restricted Voting Units (the "Offering"). The proceeds from the distribution of the Class A Restricted Voting Units (along with the proceeds from any exercise of an over-allotment option...
May 06, 2016
Landry's and Jefferies-sponsored SPAC Landcadia files for a $300 million IPO
Landcadia Holdings, a blank check company formed by the CEOs of Landry's and Jefferies to acquire an entertainment business, filed for an initial public offering on Thursday.
May 06, 2016
Kew Media Group keeps its SPAC hopes alive: files second new prospectus
The Kew Media Group is determined to become the sixth member of a rather select group, those that have filed documentation to raise capital for a special purpose acquisition company — and have been successful in receiving support from investors.
April 27, 2016
SPACs are back
Since 2003 I’ve been covering the primary markets and providing research and deal databases to professionals. By “primary markets” I’m referring to new capital formation whereby an investor’s cash is for the benefit of the issuer, as opposed to going into another investor’s pocket.
With this focus in mind, I’m always on the lookout for emerging trends in how capital is raised. So when I found myself on the phone recently with Barry Grossman of the law firm Ellenoff Grossman & Schole, discussing the current state of the SPAC market, I paid close attention. Click here to read more.
Series D Blog by Steve Dresner
April 27, 2016
Exclusive: Landry's and Jefferies CEOs to launch acquisition company
Tilman Fertitta, the Texas billionaire CEO of Landry’s Inc and Richard Handler, the CEO of investment bank Jefferies Group LLC and its parent Leucadia National Corp , are launching a special purpose acquisition company (SPAC) through their companies, people familiar with the matter said.
April 04, 2016
Hennessy Capital Acquisition Corp. II (“HCAC”) and United Subcontractors, Inc. (“USI”) announced that they have entered into a definitive merger agreement, pursuant to which HCAC will acquire all of the outstanding capital stock of USI Senior Holdings, Inc., the indirect parent company of USI. In connection with the merger, HCAC will change its name to USI Holdings, Inc. The transaction is valued at approximately $348.5 million. EG&S acted as counsel to Hennessy.
March 31, 2016
The SPAC is Back: Ex-Blackstone Exec Chu Prepping $1B Blank-Check IPO
Former Blackstone Group executive Chinh Chu is preparing a new special-purpose acquisition company with the goal of raising up to $1 billion in an IPO. The new company would focus on investments in technology (particularly financial technology), financial services and business services, according to a Reuters article citing unidentified individuals people familiar with the matter.
March 24, 2016
More Wall Street banks, investors help write blank checks
An obscure corner of the U.S. IPO market is getting a new lease on life as more Wall Street banks and institutional investors turn to blank-check acquisition vehicles, once the domain of only a few underwriters and hedge funds, for better fortunes.
March 23, 2016
Blackstone Vet to Launch Largest 'Blank Check' IPO Since Financial Crisis
It plans to raise $1 billion.
Chinh Chu, the veteran dealmaker who ended a 25-year career at Blackstone Group BX -2.15% last year, is preparing to launch an acquisition company that could raise up to $1 billion in a U.S. initial public offering, people familiar with the matter said.
March 21, 2016
WL Ross to buy chemicals distributor Nexeo from TPG
WL Ross — a blank-check company formed by billionaire investor Wilbur Ross for acquisitions — will be renamed Nexeo Solutions Inc when the deal closes, expected in the second quarter. Nexeo is "an ideal platform to further roll up the fragmented chemicals and plastics distribution space," Wilbur Ross said in a statement.
March 16, 2016
KLR Energy Acquisition Corp., a special purpose acquisition corporation, announced the closing of its initial public offering in the amount of $80,000,000. EG&S acted as counsel to KLR.
March 15, 2016
In a Quiet IPO Market, Investors Are Willing To Write Blank Checks
In a year with only a few initial public offerings, one typically quiet corner of the IPO market is at least somewhat busy: the so-called blank-check IPO.
Last week’s only IPO came from just such a company, named KLR Energy Acquisition. The vehicle, also known as a special-purpose acquisition company, or SPAC, raised roughly $80 million in proceeds this week to acquire one or more businesses in the U.S. oil and natural gas space, according to its offering documents. It’s not yet settled on a target–and that arrangement is why such offerings are dubbed blank-check IPOs.
February 26, 2016
Cracks in the market bring SPACs to the market: Fun facts about SPACs
Blank check company Silver Run Acquisition (SRAQU) made headlines in the IPO market - partly because little else could - as it completed the year's largest "IPO" in an upsized $450 million offering. That's 13% more capital raised than the combined total from the four IPOs to date, and enough to make Silver Run the...
February 24, 2016
An IPO Makes It to Market
It's no secret: Stock market volatility has crushed the hopes of most companies planning U.S. initial public offerings in early 2016. The list of those that have put IPO plans onice includes OTG (an operator of restaurants and concessions at North American airports), Elevate Credit (an online lender), Advanced Disposal Services (a waste collection company) and Nutanix (a maker of software and hardware for data centers).