TPG Pace Solutions, a blank check company formed by TPG targeting mature businesses underperforming their potential, raised $250 million by offering 25 million shares at $10. The company did not offer units with warrants attached.
The company is led by Chairman Karl Peterson, a Senior Partner at TPG Capital who also serves as Chairman of four other SPACs from TPG Pace, sits on the board of two post-merger targets, and previously co-founded Hotwire.com in 2000. President Eduardo Tamraz is a senior executive at TPG Pace Group, and CFO Martin Davidson is a Partner and Chief Accounting Officer of TPG Capital; both men worked on several SPACs. TPG co-founder David Bonderman is a director.
The SPAC may target any industry, but plans to focus on those that fit several criteria: companies underperforming their potential in otherwise stable/improving industries; at an inflection point requiring additional management expertise; with a unique product or service addressing a large consumer or business market; mature and at scale; among other criteria.
TPG Pace Solutions plans to list on the NYSE under the symbol TPGS. Deutsche Bank, J.P. Morgan and Goldman Sachs acted as lead managers on the deal.
