Broadstone Acquisition, a blank check company formed by Sun Capital Partners targeting a stressed business in the UK and Europe, raised $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.
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 plans to list on the NYSE under the symbol BSN.U. Citi acted as a lead manager on the deal.
