Rascoff SPAC in Talks to Take Buyers Edge Platform Public
(Bloomberg) -- Buyers Edge Platform, a provider of software and analytics to food-service firms, is in discussions to go public through a merger with Spencer Rascoff’s Supernova Partners Acquisition Co. II Ltd., according to people with knowledge of the matter.
Rascoff’s special purpose acquisition company has sought to raise equity to support a transaction, said one of the people. A transaction value couldn’t immediately be learned. Terms haven’t been finalized and it’s possible the talks could fall apart.
Spokespeople for Supernova and Buyers Edge declined to comment.
Buyers Edge, led by Chief Executive Officer John Davie, processes and acquires purchasing data used by restaurants and other food-service operators. Clients include Hormel Foods Corp., Tyson Foods Inc. and JM Smucker Co., according to its website.
This month it announced a partnership with BiRite Foodservice Distributors. In 2019, Buyers Edge obtained a “significant investment” from New York-based growth capital fund Bregal Sagemount as well as debt financing from Goldman Sachs Group Inc. and AB Private Credit Investors.
The Supernova SPAC raised $345 million in a March initial public offering. Rascoff, the former CEO of Zillow Group Inc., is co-chairman alongside Alexander Klabin, who co-founded Senator Investment Group. Robert Reid is CEO of the blank-check firm and Michael Clifton is chief financial officer.
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