CSR Acquisition, a blank check company formed by ESG investing veteran Clifton Robbins, filed on Friday with the SEC to raise up to $300 million in an initial public offering.
The Wilmington, DE-based company plans to raise $300 million by offering 30 million units at a price of $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, CSR Acquisition would command a market value of $375 million.
The company is led by CEO and Director Clifton Robbins, the founder and CEO of Blue Harbour Group, and CFO Charles Kwon, the CFO of Blue Harbour. Robbins previously served as Managing Member of General Atlantic Partners (2000-2004) and before that worked at KKR (1987-2000) as a General Partner. The prospectus claims that Robbins was one of the first active equity managers to fully integrate ESG analysis into the investment process.
The SPAC plans to focus on industries with compelling long term growth prospects, attractive competitive dynamics, consolidation opportunities, and low risk of technological obsolescence, and companies with high barriers to entry, significant streams of recurring revenue, opportunity for operational improvement, attractive steady-state margins, high incremental margins and attractive free cash flow characteristics, and acceptable performance and a pathway to further improvement in ESG areas.
The company was founded in 2020 and plans to list on the NYSE under the symbol CSRA.U. Credit Suisse is the sole bookrunner on the deal.
