FAST Acquisition, a blank check company led by the founders of Ruby Tuesday and Toro targeting a restaurant or hospitality business, filed on Tuesday with the SEC to raise up to $200 million in an initial public offering.
The New York, NY-based company plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed price, FAST Acquisition would command a market value of $250 million.
The company is led by Co-CEOs Sandy Beall and Doug Jacob. Beall founded Ruby Tuesday in 1971 and sold it in 1982 to Morrison, where he later served as CEO, and he co-founded luxury hotel and resort Blackberry Farm in 1975. He is currently the Principal of Beall Investments. Jacob co-founded TORO Restaurants, JWALK, &pizza, and consumer brand and incubation platform &vest. Chairman Kevin Reddy previously held executive roles at Noodles & Company (Nasdaq: NDLS) and Chipotle (NYSE: CMG).
The company plans to target businesses in the restaurant, hospitality, and related sectors in North America with enterprise values of $600 million or more.
FAST Acquisition was founded in 2020 and plans to list on the NYSE under the symbol FST.U. FAST Acquisition filed confidentially on June 29, 2020. Citi and UBS Investment Bank are the joint bookrunners on the deal.
