SPAC Watch: Altimar Acquisition Corp. II
January 22, 2021

Earlier this week Altimar Acquisition Corp. II filed with the SEC to raise up to $300mm in an IPO. Altimar II, an HPS Investment Partners venture, will focus on the TMT, Healthcare, Financial Services / Financial Technology and Consumer industries. No mention was made of the size of a potential acquisition.

This is the second foray into SPACs for the HPS team, following the splashy deal of Altimar I:

Altimar Acquisition Corporation I

  • Raised $250mm via IPO (10/23/2020)
  • Announced merger (12/23/2020) with Owl Rock Capital Group and Dyal Capital to create Blue Owl Capital
  • Blue Owl Capital was given an EV of $12.7b, for an EV/IPO multiple of x50.8 and supported by a $1.5b PIPE
  • Merger is yet to be completed

HPS also sponsored Trine Acquisition Corp, which recently took Desktop Metal (DM) public. Altimar CEO Tom Wasserman was part of the Trine Team. DM is up 35% since it De-Spac’ed.

The Team

Altimar II retains the same leadership team of Altimar I. The only difference is the absence of John Kim, a director of Altimar I.

Tom Wasserman is Chairman and CEO of Altimar II. He’s currently a MD at HPS, leading the growth equity group.

Wasserman SPAC history

Wendy Lai is CFO of Altimar II. Another HPS MD, Lai has previous experience at Blackstone and PwC.

Kevin L. Beebe (B+) is a director nominee for Altimar II. He’s currently CEO of 2BPartners, and has a background in telecommunications.

Payne Brown (A) is a director nominee for Altimar II. He’s currently president of THINK450, and has a background in media.

Richard Jelinek is a director nominee for Altimar II. He’s currently a MD at Czech One Capital Partners, and was previously an EVP at CVS Health.  

Roma Khanna is a director nominee for Altimar II. She most recently served as CEO of REVOLT Media and TV.

Michael Rubenstein is a director nominee for Altimar II. He previously worked for AT&T after they acquired AppNexus, a company Rubenstein played a key role in growing. He has a background in digital advertising.

Vijay Sondhi is a director nominee for Altimar II. He’s currently CEO of NMI, and has experience with Visa in addition to other fintech companies.

Michael Vorhaus is a director nominee for Altimar II. He’s currently CEO of Vorhaus Advisors, which he founded.

Take Away

As shown by the Blue Owl merger, Altimar isn’t afraid to stretch EV/IPO multiples for a bigger target. With an accomplished team that’s already close to pulling off one of the more creative SPAC deals of 2021, the sky’s the limit for Altimar II.

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