Lew Frankfort and Jide Zeitlin are again along with a brand new SPAC that filed to go public final week and is on the hunt for a model concentrating on Millennials and Gen-Z.
Zeitlin was the Goldman Sachs banker that helped Frankfort take Coach Inc. public in 2000 as chairman and chief govt officer. And when Zeitlin ultimately took the identical spot, after Coach was renamed Tapestry Inc., Frankfort helped as senior adviser.
Now they’re co-CEO’s of the clean examine firm Bleuacacia and sensing some post-COVID-19 potential to purchase a but to be decided model with the proceeds of a doubtlessly $300 million preliminary public providing.
“This is a critical moment for consumer brands given the development of vaccines and the potential end of the COVID-19 crisis,” Bleuacacia stated in its registration assertion with the Securities and Exchange Commission. “Well managed brands can realize tremendous growth over the next decade. As such, this is an exciting time to pursue acquisitions of globally relevant, premium and consumer-facing brands that have a powerful emotional engagement with Millennial and Gen-Z consumers.”
SPACs, or particular function acquisition firms, are basically administration groups who increase cash in hopes of doing a deal, however return it to traders in the event that they don’t discover a appropriate goal or can’t shut a deal.
The submitting additionally famous that members of the Bleuacacia’s administration may very well be topic to “significant media coverage.”
“For example, in July 2020 Mr. Zeitlin resigned as chairman and chief executive officer of Tapestry Inc. for reasons related to a personal consensual relationship that occurred over 12 years ago and was unrelated to his duties at the company or any other company,” Bleuacacia stated. “The legal due diligence conducted in anticipation of this transaction, which focused on his employment at Tapestry and information reported in the media, confirmed the facts in the previous sentence and did not reveal any additional material or negative information which we believe would impair Mr. Zeitlin’s suitability to serve as our chief executive officer.”
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