Fulcrum Energy Founder Morse Is Hunting for Deals With New Oilfield SPAC

(Bloomberg) -- Another special-purpose acquisition company has emerged in the U.S. oil industry to take advantage of booming energy prices and private companies looking to exit the sector.

Brad Morse, founder of private-equity firm Fulcrum Energy Capital Funds, is leading Accretion Acquisition Corp. after raising $207 million in an initial public offering. The Denver-based blank-check company is targeting a variety of areas in oil and natural gas, including producers, midstream and service providers. The company’s board of directors includes Chris Wright, who runs America’s second-largest provider of frack crews, Liberty Oilfield Services Inc.

“We believe that recent commodity price volatility and other market factors have limited the strategic options open to many privately-held energy and energy-related companies,” the company said last month in a federal filing. “Such companies could include legacy private equity portfolio companies in late vintage funds with limited options for an exit event and closely held private companies where older owners would prefer an exit to succession.”

©2021 Bloomberg L.P.