IPOs

MidOcean Partners' SPAC Empower files for a $250 million IPO

Empower Ltd., a blank check company formed by MidOcean Partners, filed on Friday with the SEC to raise up to $250 million in an initial public offering.

The New York, NY-based company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. The company may raise an additional $50 million at the closing of an acquisition pursuant to a forward purchase agreement with its sponsor. At the proposed deal size, Empower would command a market value of $313 million.

The company is led by CEO Matthew Rubel, who currently serves as the Chairman of MidOcean Partners and previously served as CEO and Chairman of Varsity Brands, Collective Brands, and Cole Haan. He is joined by CFO Andrew Spring, a Managing Director and CFO of MidOcean Partners. The company plans to leverage the experience of MidOcean's senior partners to target consumer-facing businesses in the US.

Empower was founded in 2020 and plans to list on the NYSE under the symbol EMPW.U. JP Morgan and Jeffries are the joint bookrunners on the deal. 

The article MidOcean Partners' SPAC Empower files for a $250 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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