Investment

Deal of the Week: Two SPACs debut with backing from family offices

Two special purpose acquisition companies (SPAC) have been launched this week backed by family offices. 

Avanti Acquisition, which plans to list in New York, is backed by the investment office of Egyptian billionaire Nassef Sawiris’ NNS Group. And US-based investor Martin Franklin, through his investment group, Mariposa Capital, is backing Harvester Holdings, a SPAC planning to launch on the London Stock Exchange.

Avanti wants to raise up to $500 million in an initial public offering, according to filings – and additional funds might be raised. The SPAC is also backed by Sienna Capital, the alternative investment platform of Groupe Bruxelles Lambert. 

According to statements, Avanti plans to leverage its management team’s European sourcing channels and target businesses there, but ones with a strong link to the US. 

Harvester Holdings plans to raise up to $750 million and will focus on buying a business with a big proportion of its activities in North America, according to reports. Franklin’s son Robert is involved, so is Brian Kaufmann, the founder of US hedge fund, Viking Global Investors.

Martin Franklin is no stranger to the world of SPACs. He, along with hedge fund manager Noam Gottesman, set up a highly profitable SPAC in 2014 that became Nomad Foods.

SPACs are becoming de rigueur as an investment option for family offices, as Family Capital pointed out they would more than a year ago.

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