Victory Acquisition Corp is filing for an IPO for 25 million units at the normal $10 price per unit. So they are raising $250 million for the purposes of finding a target to acquire. We’ll have to look into this one further, because they have Citigroup listed as the lead underwriter with Ladenburg Thalmann and Broadband Capital Management listed in the syndicate. As with all blank check companies, this is set up to pursue a merger in 1) business services, 2) marketing services, 3) consumer services, OR 4) distribution services. In other words, they could try to buy anything.
What is interesting is that Eric Watson, chairman and treasurer, and Jonathan Ledecky, president and secretary, each has experience in forming and merging companies. The prospectus says that together they have been involved in the formation of over 25 companies and 400 acquisitions by these companies.
Mr. Watson and his associated interests have a substantial portfolio comprising interests in the fashion retail, financial services, real estate, infrastructure maintenance, sports and entertainment sectors. Mr. Ledecky had a familiar sounding name, and he was THE or ONE OF the founder(s) of US Office Products, where he was CEO until NOV 1997; and recently has been involved in private equity deals.
Check out (or blank check out) what the company says about its board of directors: Each of Messrs. Watson and Ledecky and Jay H. Nussbaum, Robert B. Hersov, Edward J. Mathias, Richard Y. Roberts and Kerry Kennedy, each of whom is a member of our board of directors, is also an officer and/or director of Endeavor Acquisition Corp., a blank check company formed in July 2005 for the purpose of effecting a merger, capital stock exchange, asset acquisition or other similar business combination with an operating business. Endeavor Acquisition Corp. consummated its initial public offering in December 2005 and raised gross proceeds of approximately $129.3 million at an offering price of $8.00 per unit. In December 2006, Endeavor Acquisition Corp. entered into a definitive agreement for a business combination to acquire American Apparel, Inc. and its affiliated companies.
Like it or not, this is one to watch just because of the American Apparel tie.
Jon C. Ogg
January 31, 2007
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