‘Super Soaker’ Inventor Joins Rare Quadruple Play in SPAC Market
(Bloomberg) -- The serial dealmakers at Navigation Capital Partners unveiled plans for a quartet of new blank-check companies, in the latest sign that repeat issuers’ enthusiasm for the SPAC market remains unabated.
The investment firm aims to raise $150 million apiece for Navigation Capital Acquisition VI, VII, VIII and IX, according to U.S. regulatory filings Monday. Lonnie Johnson, inventor of the “Super Soaker” water gun, is chief executive officer of one of the special purpose acquisition companies, while Super Bowl champion Jerome “the Bus” Bettis will be on the board of another.
They’re targeting a range of industries, from specialty finance and technology to niche manufacturing and distribution services. Navigation Capital was started by veteran investors including Lawrence Mock and David Panton, who previously worked at Bank of New York Mellon’s private equity arm.
Repeat issuers often filed for two or three new SPACs on the same day as the market ballooned in size over the past year, though four at a time was extremely rare even at the height of the boom. It’s become all the more unusual as the number of new deals plummets thanks to increased regulatory scrutiny of blank-check listings.
Former Facebook Inc. executive Chamath Palihapitiya, one of the most prolific SPAC promoters, showed earlier this month it’s still possible to do a string of new deals when he filed for four health-care SPACs with new partner Suvretta Capital Management. Riverside Management Group, the merchant bank started by James Carpenter, unveiled four in quick succession in February.
Wells Fargo & Co. and Mizuho Financial Group Inc. are leading Navigation Capital’s latest deals as joint book-running managers, while Loop Capital Markets LLC is co-manager of the offerings.
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