Purple Innovation Founders, Banker Daniel Webb Plan SPAC
(Bloomberg) -- The founders of mattress maker Purple Innovation Inc. and a former Bank of America Corp. technology investment banker are planning to raise a special purpose acquisition company, according to people with knowledge of the matter.
The vehicle, dubbed Worldwide Webb Acquisition Corp., is set to be led by co-chairmen Terry Pearce and Tony Pearce and CEO Daniel Webb, said the people, who asked to not be identified because the matter is private.
The blank-check firm will seek to raise $300 million and target global internet-related companies including those that focus on direct-to-consumer retailing, marketplaces and digital health, one of the people said. The SPAC has tapped underwriters and is expected to file paperwork for an initial public offering with the Securities and Exchange Commission in coming weeks, the person said.
Worldwide Webb and Bank of America representatives declined to comment.
The Pearce brothers retired as Purple board directors and co-directors of research and development in August. Purple became a public company after merging with a SPAC, Global Partner Acquisition Corp., in 2018. Webb was most recently a Bank of America Merrill Lynch banker and before that, held roles at Citigroup Inc. and HarbourVest Partners, his LinkedIn profile shows.
This wouldn’t be the first SPAC from a mattress startup scion. A blank-check company started by Purple rival Casper Sleep Inc. CEO Philip Krim found a target earlier this month.
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