Thrasio Is in Talks to Go Public Via Michael Klein SPAC
(Bloomberg) -- Thrasio, an acquirer of private-label businesses on Amazon.com Inc., is in talks to go public through a merger with a blank-check company set up by former Citigroup Inc. rainmaker Michael Klein, according to people with knowledge of the matter.
The online retailer, backed by private equity firm Advent International, could be valued at well over $2 billion in a merger with Churchill Capital Corp. V, the people said, asking not to be identified because the information is private. That valuation could even reach more than $10 billion, two of the people said.
Churchill Capital V shares rose as much as 3.9% to $10.46 in New York trading.
No deal has been finalized, and negotiations could still fall apart. Representatives for Thrasio, Advent and Churchill Capital declined to comment.
Thrasio buys brands for everyday products from small business owners for a typical purchase price of more than $1 million. It then operates the brand with upgraded marketing, product development and supply chain management.
Churchill Capital V raised $500 million in its initial public offering in December. Klein’s previous SPACs agreed to deals to take companies includingLucid Motors Inc. and Multiplan Corp. public.
©2021 Bloomberg L.P.