KPET Ultra Paceline, a blank check company led by former TPG Pace Group executives, raised $200 million by offering 20 million units at $10. Each unit contains one share of common stock and one-sixth of one warrant, exercisable at $11.50.
KPET Ultra Paceline is led by CEO and Chairman Karl Peterson, who is the head of KPThree Capital and former Senior Partner of TPG and Managing Partner of TPG Pace Group. He is joined by CFO and Director Eduardo Tamraz, who was a senior executive at TPG Pace Group. The SPAC intends to target a business in the travel, industrials, technology, telecommunications, media and entertainment, business services, or consumer products industries.
Management's previous SPACs include TPG Pace Beneficial II (formerly NYSE: YTPG) which liquidated in 2023, TPG Pace Tech Opportunities II (TPGT) which withdrew its IPO in 2022, TPG Pace Tech Opportunities, which merged with online learning platform Nerdy (NYSE: NRDY; -92%) in 2021, TPG Pace Beneficial Finance (formerly NYSE: TPGY), which liquidated in 2021, TPG Pace Holdings, which merged with Accel Entertainment (NYSE: ACEL; +8%) in 2019, and Pace Holdings, which merged with Playa Hotels & Resorts (formerly Nasdaq: PLYA) in 2017.
The Sioux Falls, SD-based company will trade on the NYSE under the symbol KPET.U. Deutsche Bank acted as sole bookrunner on the deal.
