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Private equity firm's SPAC Yucaipa Acquisition prices $300 million IPO at $10

August 4, 2020

Yucaipa Acquisition, a blank check company formed by private equity firm The Yucaipa Companies, raised $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. The company may raise an additional $50 million at the closing of an acquisition pursuant to a forward purchase agreement with its sponsor.

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 plans to list on the NYSE under the symbol YAC.U. Citi acted as a lead manager on the deal.