Twitter LinkedIn
    Saturday, June 10
    Login
    0 Shopping Cart
    Twitter LinkedIn
    Private Equity InsiderPrivate Equity Insider
    • About Us
    • Digital Events
    • Our Network
      • Reach
      • Sponsors
      • Members
    Private Equity InsiderPrivate Equity Insider
    Home»IPO»Fertitta-backed blank check firm to take Hillman public in $2.64 billion deal
    IPO

    Fertitta-backed blank check firm to take Hillman public in $2.64 billion deal

    January 29, 20212 Mins Read
    LinkedIn Facebook Twitter Email WhatsApp
    Tilman Fertitta, owner of Landry's, Inc., and the Houston Rockets, poses for a portrait in his office on Tuesday, May 28, 2019, in Houston.
    Share
    LinkedIn Facebook Twitter Email WhatsApp

    Private equity-backed Hillman Group Inc plans to go public through a merger with billionaire Tilman Fertitta’s blank-check firm in a deal that values the hardware supplier at $2.64 billion, the companies said on Monday.

    The deal is expected to be partly funded by $500 million cash raised by the blank-check company, Landcadia Holdings III Inc, in its IPO, according to the statement.

    It will also be supported by a $375 million investment from a fund managed by Columbia Threadneedle Investments and investors led by Wells Capital Management, Hillman parent HMAN Group said.

    Founded in 1964, the Cincinnati-based Hillman Group provides hardware essentials and home improvement materials such as fasteners, keys, numbers and signs and engravings. It sells its products to Walmart Inc, Home Depot Inc and Lowe’s among others.

    The company was acquired by private equity firm CCMP Capital Advisors LLC in 2014 for about $1.5 billion. The firm will remain the largest holder in the combined company. prn.to/3qzsGk2

    Landcadia Holdings III Inc, a special purpose acquisition company (SPAC), raised $500 million in its initial public offering (IPO) last year. Jefferies Financial Group Inc is a co-sponsor of the SPAC.

    SPACs raise money through an IPO to pursue an acquisition with the intention of taking the target company public. They were among Wall Street’s most popular investment vehicles in 2020, raising over $70 billion in aggregate.

    The transaction is expected to close in the second quarter of 2021.

    Hillman will list itself on the Nasdaq post merger and will trade under the new ticker symbol “HLMN”.

    Barclays and Jefferies are acting as financial advisers to Hillman.

     

    Source: Reuters

    Reporting by Sohini Podder in Bengaluru; Editing by Shinjini Ganguli and Saumyadeb Chakrabarty

    Related

    Can't stop reading? This and all news articles are property of their creators, many are not owned or provided by Private Equity Insider. As an event organizer and community platform, we curate content from reliable sources for your suggested reading, and advise you to read the full articles from the referenced authors and sources.

    Investments IPO Private Equity Firms
    Share. LinkedIn Facebook Twitter Email WhatsApp

    Related Posts

    CAI raises over $1B for inaugural fund and co-investment programme

    November 18, 2022

    Carlyle launches renewable energy development platform Telis Energy in Europe

    November 15, 2022

    Partners Group buys data center platform EdgeCore Digital with $1.2B investment

    November 14, 2022

    CalPERS commits $15.2B to private markets

    November 14, 2022

    Comments are closed.

    Other Articles

    Vista Equity Partners adds three industry veterans to value creation team

    September 21, 2021

    Zeus acquires Austrian food packaging solutions company

    February 11, 2021

    Levine Leichtman Capital Partners sells Jonathan Engineered Solutions

    January 6, 2021

    CVC Capital Partners Fund VIII to acquire Visma’s digital transformation business

    June 20, 2022

    Private Equity Insider LLC
    1212 Avenue of the Americas
    New York City 10036
    USA

    [email protected]

    Twitter LinkedIn
    © 2023 Private Equity Insider LLC. All rights reserved.
    • About
    • Terms of Use
    • Cookie Policy
    • Privacy Policy
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.

    View Cart Checkout Continue Shopping

    Sign In or Register

    Welcome Back!

    Login to your account below.


    Lost password?