Equity Distribution Acquisition, a blank check company formed by Sam Zell's Equity Group Investments to acquire an industrials business, filed on Friday with the SEC to raise up to $300 million in an initial public offering.
The Chicago, IL-based company plans to raise $300 million by offering 30 million units at a price of $10. Each unit consists of one share and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Equity Distribution Acquisition would command a market value of $375 million.
The company is led by Chairman Sam Zell, the founder and Chairman of Equity Group Investments, CEO and Director Bill Galvin, the former CEO of Anixter, and CFO Philip Tinkler, the CFO of Equity Group Investments. The company plans to target a business in North America in the industrial sector with an enterprise valuation between $1 billion to $1.5 billion.
The Chicago, IL-based company was founded in 2020 and plans to list on the NYSE under the symbol EQD.U. Equity Distribution Acquisition filed confidentially on July 24, 2020. Credit Suisse is the sole bookrunner on the deal.
