Yucaipa Acquisition, a blank check company formed by private equity firm The Yucaipa Companies, filed on Friday with the SEC to raise up to $300 million in an initial public offering.
The Los Angeles, CA-based company plans to raise $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed price, Yucaipa Acquisition would command a market value of $375 million.
The company is led by President and Chairman Ronald Burkle, the founder and Managing Partner of private equity firm The Yucaipa Companies, and CFO and COO Ira Tochner, who is a Senior Partner at The Yucaipa Companies. The company has not selected a target industry, but its acquisition criteria includes a business that is proprietary-sourced, has strong or promising franchises, and has attractive risk/return prospects, among other characteristics.
Yucaipa Acquisition was founded in 2020 and plans to list on the NYSE but has not selected a ticker yet. The company filed confidentially on June 18, 2020. Citi is the sole bookrunner on the deal.
