Fertitta and Handler's third SPAC Landcadia Holdings III files for a $500 million IPO

Landcadia Holdings III, the third blank check company formed by the CEOs of Landry's and Jefferies to acquire an entertainment business, filed on Thursday with the SEC to raise up to $500 million in an initial public offering.

The Houston, TX-based company plans to raise $500 million by offering 50 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 deal size, Landcadia Holdings III would command a market value of $625 million. 

The company is led by CEO and Co-Chairman Tilman Fertitta, CEO of Fertitta Entertainment, which owns the NBA's Houston Rockets, restaurant conglomerate Landry's, and the Golden Nugget Casinos. Co-Chairman and President Richard Handler is currently the CEO of Jefferies. The company plans to target the consumer, dining, hospitality, entertainment, and gaming industries, including technology companies operating in these industries.

Fertitta and Handler's previous SPACs include Landcadia Holdings II (LCA; +76 from $10 offer price), which went public in May 2019 and in June 2020 announced plans to acquire Fertitta's online casino business Golden Nugget Online Gaming, and Landcadia Holdings, which went public in 2016 and acquired food delivery startup Waitr Holdings (Nasdaq: WTRH; -67%) in 2019.

Landcadia Holdings III was founded in 2018 and plans to list on the Nasdaq under the symbol LCYU. Jefferies is the sole bookrunner on the deal.