Gabelli Group's SPAC PMV Consumer Acquisition prices $175 million IPO at $10
PMV Consumer Acquisition, a blank check company formed by the Gabelli Group targeting the consumer industry, raised $175 million by offering 17.5 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. The sponsor, officers, and directors had indicated on 5% of units in the offering.
The company is led by CEO and Chairman Kasper Jakobsen, the former CEO of global consumer company Mead Johnson Nutrition, and President Joseph Gabelli, a portfolio manager and equity research analyst at the Gabelli Group's GAMCO Investors (NYSE: GBL) with specialization in the consumer sector. Marc Gabelli, who is a managing member of the sponsor, has served as President of GAMCO Investors parent Gabelli Group Capital Partners. The company plans to target a business in the consumer industry with an enterprise value between $200 million and $3.5 billion.
Marc Gabelli is currently the CEO and Chairman of defense SPAC LGL Systems Acquisition (DFNS), which last closed up 1% from the $10 offer price.
PMV Consumer Acquisition plans to list on the NYSE under the symbol PMVC.U. UBS Investment Bank and BTIG acted as lead managers on the deal.
The article Gabelli Group's SPAC PMV Consumer Acquisition prices $175 million IPO at $10 originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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