GP-Act III Acquisition, a blank check company backed by GP Investments, Boxcar Partners, and a former Hain Celestial exec, raised $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one half of a warrant, exercisable at $11.50.
The company is led by CEO and Director Antonio Bonchristiano, who is the CEO of GP Investments. He is joined by Co-Chairman Fersen Lamas Lambranho, who serves as Chairman of GP Investments, and Co-Chairman Steven Spinner, who serves as a Partner at co-sponsor Boxcar Partners, an Operating Partner at Mid Ocean Partners, and Lead Outside Director of ArcBest.
While it has not selected a target industry or geography, the SPAC plans to focus on businesses with promising growth trajectories, strong market position with sustainable competitive advantage, and enterprise values between $1 billion and $5 billion, among other characteristics.
GP-Act III Acquisition plans to list on the Nasdaq under the symbol GPATU. Cantor Fitzgerald acted as sole bookrunner on the deal.
