G&P Acquisition, a blank check company targeting the leisure, craft brewing and distilling, automotive, and distribution sectors, filed on Friday with the SEC to raise up to $200 million in an initial public offering.
The Newport, RI-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. At the proposed deal size, G&P Acquisition would command a market value of $250 million.
The company is led by Chairman Nicholas Schorsch, the founder and Managing Member of Bellevue Capital, and CEO Brendan O'Donnell, whose current roles include CEO of craft brewer and distiller Newport Craft, Manager of 1639 Ventures and the 1899 family of companies, Director of Food and Beverage for The Newport Concours d'Elegance, and Partner at The Next Step Realty. The company plans to target the leisure, craft brewing and distilling, automotive, and distribution sectors.
G&P Acquisition was founded in 2020 and plans to list on the NYSE under the symbol GAPA.U. The company filed confidentially on January 12, 2021. BMO Capital Markets is the sole bookrunner on the deal.
