G&P Acquisition, a blank check company targeting the leisure, craft brewing and distilling, automotive, and distribution sectors, raised $175 million by offering 17.5 million units at $10. The company offered 2.5 million fewer units than anticipated. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
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 food and beverage, consumer goods, automotive, and hospitality sectors.
G&P Acquisition plans to list on the NYSE under the symbol GAPA.U. BMO Capital Markets acted as a lead manager on the deal.
