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Capitol V seeks New York listing
Posted on Thursday, 05 November 2020 12:15
Mark Ein and Dyson Dryden are bringing their fifth special purpose acquisition company (SPAC) to the market as Capitol Investment Corp V (Capitol V) is seeking a listing on the New York Stock Exchange.
Citigroup, Deutsche Bank Securities and Morgan Stanley are handling the initial public offering (IPO) comprising 30.00 million units at USD 300.00 million, or USD 345.00 million if the overallotment option is exercised.
It will focus on finding a target with substantial post-acquisition growth, has a leading position within its sector and will offer an attractive risk-based return on investment.
Ein and Dryden have a track record of raising equity and executing business combinations through listed SPACs, having completed four such transactions over a 13-year period, across a variety of industries.
In fact, they claim to be one of only two US sponsor teams of SPACs over USD 100.00 million in size to close four such deals.
Capitol I was a USD 262.00 vehicle that listed in June 2007 and completed its business combination with Two Harbors Investment in October 2009.
The second SPAC, Capitol II, raised USD 200.00 million when it went public in May 2013 and bought Lindblad Expeditions in July 2015 for USD 439.00 million.
Capitol III listed in October 2015 via a USD 325.00 million IPO and completed a USD 2.40 billion business combination with GTCR’s portfolio company Canyon Holdings, better known as Cision, in June 2017.
Last, but not least, Capitol IV raised USD 402.50 million in its August 2017 debut and, in July 2019, acquired Nesco Holdings for USD 1.10 billion from private equity house Energy Capital Partners.
Zephyr, the M&A database published by Bureau van Dijk, shows 249 IPOs by SPACs have been announced globally in 2020 to date.
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