Authentic Equity Acquisition, a blank check company formed by Authentic Equity targeting a North American CPG business, raised $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. The company may raise additional funds at the closing of an acquisition pursuant to a forward purchase agreement with General Electric Pension Trust.
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The Rye, NY-based company is led by CEO and Chairman David Hooper, co-founder and Partner at consumer-focused private equity firm Authentic Equity and co-founder and former Head of Private Equity at Centerview Capital.
The company plans to target North American businesses in the consumer sector, focusing on subcategories including packaged and frozen foods, beverages, beer, wine and spirits, snacks, household products, pet products, consumer and marketing services and personal care products, including health and beauty and over-the-counter products.
Authentic Equity Acquisition plans to list on the Nasdaq under the symbol AEACU. Jefferies and BMO Capital Markets acted as lead managers on the deal.
