J.W. Childs Acquisition I Corp., yet another SPAC, or special purpose acquisition company, has submitted an IPO filing. The filing shows a $200 million target for 20,000,000 units at $10 each. Each unit will consist of one share of common stock and one warrant at a $7.00 strike price. The company intends to list on the American Stock Exchange but has not specified a symbol. The underwriter listed is Deutsche Bank Securities and the company will have 24 months to complete a transaction.
J.W. Childs Acquisition I intends to use its blank check on consumer products or specialty retail sectors operating primarily in North America, however, they are not limited to this region or sector. The company believes that the consumer products and specialty retail businesses possess attractive investment attributes compared to other sectors including strong brand franchises, barriers to competition, lower capital requirements and lower technology risks.
The company will utilize the experience of their management team to execute a deal. The Chairman and CEO is John W. Childs and Adam L. Suttin sits as President. All executives work with private equity firm J.W. Childs, which focuses on middle-market growth businesses and has invested approximately $3 billion of equity capital. Additionally, the Vice President and Vice Chairman, Fuad Sawaya, is a principal at consumer focused investment bank, Sawaya Segalas.
March 12, 2008