Springwater Special Situations Corp., a blank check company led by the founder of European investment firm Springwater Capital, raised $150 million by offering 15 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
The company is led by CEO and Director Martin Gruschka, founder and Managing Partner of pan-European special situations investment firm Springwater Capital, who also serves as an advisor to February 2021 SPAC IPO Goal Acquisitions Corp (PUCKU). He is joined by CFO and Director Ignacio Casanova, an Investment Director at Springwater.
Springwater Special Situations plans to target industries that its management team has significant experience with, including media, engineering construction, food and beverages, aerospace, software solutions, hospitality, and environmental services, among others. The SPAC highlights its management team's pan-European execution experience and deal sourcing, and it plans to target overleveraged businesses, out-of-the-money private equity investments, and carve-outs.
The New York, NY-based company plans to list on the Nasdaq under the symbol SWSSU. EarlyBirdCapital acted as sole bookrunner on the deal.
