Empower, a blank check company formed by MidOcean Partners targeting US consumer-facing businesses, raised $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. The company may raise an additional $50 million at the closing of an acquisition pursuant to a forward purchase agreement with its sponsor.
The company is led by CEO Matthew Rubel, who currently serves as the Chairman of MidOcean Partners and previously served as CEO and Chairman of Varsity Brands, Collective Brands, and Cole Haan. He is joined by CFO Andrew Spring, a Managing Director and CFO of MidOcean Partners. The company plans to leverage the experience of MidOcean's senior partners to target consumer-facing businesses in the US with enterprise values of at least $750 million.
Empower plans to list on the NYSE under the symbol EMPW.U. J.P. Morgan and Jefferies acted as joint bookrunners on the deal.
