Broadstone Acquisition, a blank check company formed by Sun Capital Partners targeting a stressed business in the UK and Europe, filed on Thursday with the SEC to raise up to $300 million in an initial public offering.
The London, United Kingdom-based company plans to raise $300 million by offering 30 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, Broadstone Acquisition would command a market value of $375 million.
The company is led by Sun Capital co-founders Chairman Hugh Osmond, who also co-founded Osmond Capital, Pearl Group, and Punch Group; CEO Marc Jonas, who also co-founded Wellington Pub Company and Punch Group; and CFO Edward Hawkes, who also co-founded Pearl Group. The company plans to capitalize on market dislocation caused by the coronavirus pandemic, targeting fundamentally sound but stressed businesses in the UK and Europe.
Broadstone Acquisition was founded in 2020 and plans to list on the NYSE under the symbol BSN.U. Broadstone Acquisition filed confidentially on June 29, 2020. Citi is the sole bookrunner on the deal.
