Genesis Park Acquisition, a blank check company formed by Genesis Park targeting the aviation industry, filed on Friday with the SEC to raise up to $200 million in an initial public offering.
The Houston, TX-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. Sponsor Genesis Park intends to purchase $10 million worth of units in the offering. At the proposed deal size, Genesis Park Acquisition would command a market value of $250 million.
The company is led by Chairman David Siegel, a Senior Advisor for Apollo Global Management, Executive Chairman of ultra-low-cost carrier Sun Country Airlines, and Chairman of Spanish low-cost airline Volotea. CEO and Director Paul Hobby is a Founding Partner at Genesis Park, a private equity firm specializing in growth businesses, distressed situations, and public company carveouts. The company plans to target businesses in the aviation and aviation services sectors with enterprise values between $500 million and $1 billion.
Genesis Park Acquisition was founded in 2020 and plans to list on the NYSE under the symbol GNPK.U. The company filed confidentially on August 6, 2020. Jefferies is the sole bookrunner on the deal.
