French Couture House Lanvin Goes the SPAC Route in a $1.5B deal

by | Mar 23, 2022

What slowdown? Busy day in SPACland with three deal announcements spanning fashion, tech and biotech. And all the day’s news in SPACs.

————————————————-
Free Investor Resources from Boardroom Alpha
—————————————————-
** Podcast: Know Who Drives Return
** Daily SPAC Newsletter
** Full SPAC Listing

Deal announcement: Primavera Capital (PCAC) and Lanvin

Primavera Capital Acquisition Corporation (PCAC) has a deal announcement with Lanvin Group. Lanvin Group a global luxury fashion group owned by Chinese conglomerate Fosun International, owns the oldest operating French couture house Lanvin, Italian luxury shoemaker Sergio Rossi, Austrian skinwear specialist Wolford, American womenswear brand St. John Knits, and high-end Italian menswear maker Caruso. The transaction values the company at an enterprise value of 1.5B. The deal includes PIPE and forward purchase agreements totaling $130M; non-redeemers get up to 3.6M bonus shares. Currently $414M in trust.

Slide deck here. Lanvin will be listed on the NYSE as “LANV.”

Deal announcement: Mount Rainier (RNER) and Hub Security

Mount Rainier Acquisition Corp.(RNER) has a deal announcement with Israel-based HUB Cyber Security Limited. The transaction values Hub at an enterprise value of $1.28B and includes a $50M PIPE (Israeli & American investors). Hub develops confidential computing solutions for enterprises and governments. The company’s proprietary hardware solutions enable the protection of sensitive IT data through a computer’s RAM memory or processor, creating a Trusted Execution Environment (TEE). Hub expects to be listed on Nasdaq as “HUBC.”

Deal announcement: Avista Public Acquisition Corp. (AHPA) and Ligand Pharmaceuticals (LGND) antibody business spin-off

Avista Public Acquisition Corp. II (AHPA) has a deal announcement to take the antibody discovery business of Ligand Pharmaceuticals (LGND), called OmniAb, public. The transaction values OmniAb at an enterprise value of $850M, includes a $15M PIPE and a backstop of $100M for potential redemptions with the goal of trying to secure $130M in cash to the company. OmniAb will be led by Ligand’s President, Matt Foehr. The transaction is expected to close in the second half of 2022.

Elsewhere in SPACs

  • Tuscan Holdings Corp. II (THCA) offering up to $0.10 and a maximum $300k for non-redeeming shareholders as part of its extension vote. If no redemptions just $0.03 per share. Current trust ~$10.22. Vote scheduled for 3/29.
  • Greencity Acquisition Corp. (GRCY) sets 4/18 vote to extend to October. SPAC has $10.39 per share in trust as of 3/4 ($41M). GRCY is focused on the Asian middle-market, seeking a target of between $150 to $250 million of total enterprise value. 
  • Mallard Acquisition Corp. (MACU) files vote to extend from 4/29 to 7/29, and potentially October (without another vote). $250M contribution to trust. No vote date set. MACU’s focus is on U.S. middle market companies in the value-added distribution, specialty services, or differentiated manufacturing sectors with enterprise valuations of between $250 and $750 million.

SPAC Calendar

SPAC Deal Votes

  • Mar 29 | HTPA –> Packable
  • Mar 31 | HLXA –> MoonLake Immunotherapeutics AG

SPAC Extension Votes

  • Mar 29 | THCA

More from Boardroom Alpha

For ongoing tracking, analytics, and data on SPACs checkout Boardroom Alpha’s SPAC Data and Analytics service.

Recent Analysis

CEO & CFO Moves Review (Sept 6)

This week’s moves include CEO and CFO changes include moves at Accuray Inc. (ARAY), Atlassian Corporation (TEAM), Azenta Inc. (AZTA), Bloomin’ Brands, Inc. (BLMN), Chipotle Mexican Grill, Inc. (CMG), Fossil Group, Inc. (FOSL), NovoCure Limited (NVCR), and Repligen Corporation (RGEN).

Subscribe to Boardroom Alpha Newsletters

Subscribe to Boardroom Alpha's research to receive the latest on governance, SPACs, and people.

Disclaimer

The opinions and information contained herein have been obtained or derived from sources believed to be reliable, but Boardroom Alpha cannot guarantee its accuracy and completeness, and that of the opinions based thereon. 

This report contains opinions and is provided for informational purposes only – it does not constitute investment, legal or tax advice. You should not rely solely upon the research herein for purposes of transacting securities or other investments, and you are encouraged to conduct your own research and due diligence, and to seek the advice of a qualified securities professional before you make any investment.  

None of the information contained in this report constitutes, or is intended to constitute a recommendation by Boardroom Alpha of any particular security or trading strategy or a determination by BA that any security or trading strategy is suitable for any specific person. To the extent any of the information contained herein may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person.  

No representation or warranty, expressed or implied, is made on behalf of Boardroom Alpha as to the accuracy or completeness of the information contained herein. Boardroom Alpha does not accept any liability for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on all or any part of this research and any liability is expressly disclaimed.