Former senior dealmakers at Bank of America and The Carlyle Group are backing a special purpose acquisition company that’s seeking $300 million to acquire businesses in the consumer sector. The blank-check firm will target companies with an enterprise value of more than $1.25 billion in the U.S. and Europe. It will focus on consumer sub-sectors including packaged foods, drinks and beauty and wellness, the filing shows.

The vehicle is the latest seeking to take advantage of the booming investor demand for SPACs that is drawing record numbers of industry moguls to market. More than $213 billion of SPAC IPOs have been announced globally in the last 12 months, according to data compiled by Bloomberg, with Moelis & Company CEO Ken Moelis and former Credit Suisse boss Tidjane Thiam among those from the world of finance backing new blank-check firms.

Transformational CPG is offering 30 million units at $10 apiece, with each unit consisting of one share and a third of a redeemable warrant. It plans to list on the Nasdaq Capital Market under the ticker “TCPGU,” according to Monday’s filing.


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Source: BNN Bloomberg

By Dinesh Nair