SPAC IPO FILING: CR Acquisition Corp.

CR Acquisition Corp. is another special purpose acquisition company, or SPAC, that has filed on Friday after the market close to come public via an initial public offering of $150,000,000 via the sale of 15,000,000 Units.  Each unit will consist of one common share and a warrant to purchase one share of common stock with a $7.00 strike price. 

Its units will be listed on the American Stock Exchange, although no ticker has been applied for.  As far as underwriters, Deutsche Bank Securities is the lead book-runner with co-managers listed as Jefferies & Company as well as Cowen and Company.

CR Acquisition Corp. is a blank check company recently formed for the purpose of acquiring one or more domestic or international operating businesses or assets through a merger, capital stock exchange, asset or stock acquisition, exchangeable transaction or via a similar business combination.  It intends to initially identify prospective business combinations in the global retail and consumer products and services industries.  Like all SPAC’s, that is the initial target operation and the ultimate business can be in virtually any sector.

The manager of this offering is Prentice Capital Management, and it will be run by Michael Zimmerman as Chairman and Mario Ciampi as CEO & President.  Prentice typically invests in the retail and consumer products industries with a  focus on companies with market capitalizations of between $500 million and $2 billion.  The stated goal of this operation is a business combination involving the acquisition of a controlling interest in a private company with an enterprise value of between $120,000,000.00 and $600,000,000.00.

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Jon C. Ogg
April 6, 2008

Jon Ogg produces the Special Situation Investing Newsletter and he can be reached by email at [email protected]; he does not own securities in the companies he covers.

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