ESH Acquisition, a blank check company led by industry veterans targeting entertainment, sports, and hospitality, filed on Thursday with the SEC to raise up to $300 million in an initial public offering.
The company plans to raise $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one warrant, exercisable at $11.50. At the proposed deal size, ESH Acquisition would command a market value of $378 million.
ESH Acquisition is led by CEO and Director James Francis, the founder and former CEO of Chesapeake Lodging Trust and Highland Hospitality, Chairman Allen Weiss, a former consultant at Apollo Investment and President of World Wide Operations for the Walt Disney Parks and Resorts business, and Vice Chairman Magic Johnson, former NBA player and founder and CEO of investment firm Magic Johnson Enterprises.
The company seeks to leverage management's experience to target the global entertainment, sports, and hospitality sectors. Areas of focus include professional sports franchises, luxury resorts, destination and regional theme parks, record labels, and music and television streaming services, among others.
The New York, NY-based company was founded in 2021 and plans to list on the Nasdaq under the symbol ESHU. ESH Acquisition filed confidentially on March 22, 2022. I-Bankers Securities is the sole bookrunner on the deal.
