Able Brands, a blank check company formed by Able Partners targeting "better-for-you" consumer-facing businesses, withdrew its plans for an initial public offering on Friday. It had filed to raise $225 million by offering 22.5 million units at $10, with each unit containing one share of common stock and one-third of a warrant, exercisable at $11.50.
The company was set to be led by Chair Lisa Blau and CEO and Director Amanda Eilian, who both serve as Founding Partners of evergreen consumer fund Able Partners. Able Brands planned to target consumer-facing companies delivering a unique value proposition to address wellbeing through better-for-you products and services, focusing on themes including intentional wellness and accessible nutrition, among others.
The New York, NY-based company was founded in 2021 and had planned to list on the Nasdaq under the symbol ABCOU. Goldman Sachs was set to be the sole bookrunner on the deal.
