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.

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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

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<a href="https://www.boardroomalpha.com/author/joanna/" target="_self">Joanna Makris</a>

Joanna Makris

Joanna has been analyzing and investing in emerging technologies for over two decades, having led the Technology, Media, and Telecom research at several global investment banks, including Mizuho Securities and Canaccord Genuity. Navigating stock market volatility since it all began in 2000. Banjo player, artist, and frittata-maker.

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