Post Holdings Partnering Corp, a blank check company formed by Post Holdings targeting the consumer packaged goods industry, filed on Tuesday with the SEC to raise up to $400 million in an initial public offering.
The St. Louis, MO-based company plans to raise $400 million by offering 40 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. The company may raise an additional $100 million at the closing of an acquisition pursuant to a forward purchase agreement with the sponsor. At the proposed deal size, Post Holdings Partnering Corp would command a market value of $512 million.
The company is led by CIO and President Robert Vitale, who has been the CEO of Post Holdings (NYSE: POST) since 2014 and currently serves as the Executive Chairman of Bellring Brands (BRBR), and CFO Bradly Harper, who has served as SVP and CAO of Post since 2018. The company plans to capitalize on the ability of its management team and sponsor to partner with a business that has the potential to generate attractive risk-adjusted returns in the consumer packaged goods industry.
Post Holdings Partnering Corp was founded in 2021 and plans to list on the NYSE. It has not selected a symbol yet (RC ticker: PHPC.RC). Evercore ISI and Barclays are the joint bookrunners on the deal.
