Post Holdings Partnering Corp, a blank check company formed by Post Holdings targeting the consumer packaged goods industry, raised $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. The company originally planned to offer 40 million units before lowering the offering last month. It may raise an additional $100 million at the closing of an acquisition pursuant to a forward purchase agreement with the sponsor.
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 plans to list on the NYSE under the symbol PSPC.U. Evercore ISI and Barclays acted as lead managers on the deal.
