Aldel Financial II, a second blank check company formed by Fortress Investment Group co-founder Robert Kauffman, filed on Monday with the SEC to raise up to $200 million in an initial public offering.
The Itasca, IL-based company plans to raise $200 million by offering 20 million units at $10 per unit. Each unit consists of one share of common stock and one-half warrant, exercisable at $11.50. Certain investors have also indicated on a $3.9 million private placement concurrent with the deal. At the proposed deal size, Aldel Financial II would command a market cap of $260 million.
The company is led by CEO and Chairman Robert Kauffman, who previously co-founded Fortress Investment Group, and CFO Hassan Baqar, founder and managing member of Sequoia Financial. Management intends to focus on its sectors of expertise, including financial services, real estate, and asset-based finance. The team previously ran Aldel Financial, which merged with auto insurance provider Hagerty (HGTY) at a $3.1 billion EV in 2021.
The primary shareholder is sponsor Aldel Investors with a 19% pre-IPO stake.
The Itasca, IL-based company was founded in 2024 and plans to list on the Nasdaq under the symbol ALDFU. BTIG is the sole bookrunner on the deal.
