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MidOcean Partners' SPAC Empower files for a $250 million IPO

September 18, 2020

Empower Ltd., a blank check company formed by MidOcean Partners, filed on Friday with the SEC to raise up to $250 million in an initial public offering.

The New York, NY-based company plans to raise $250 million by offering 25 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. At the proposed deal size, Empower would command a market value of $313 million.

The company is led by CEO Matthew Rubel, who currently serves as the Chairman of MidOcean Partners and previously served as CEO and Chairman of Varsity Brands, Collective Brands, and Cole Haan. He is joined by CFO Andrew Spring, a Managing Director and CFO of MidOcean Partners. The company plans to leverage the experience of MidOcean's senior partners to target consumer-facing businesses in the US.

Empower was founded in 2020 and plans to list on the NYSE under the symbol EMPW.U. J.P. Morgan and Jeffries are the joint bookrunners on the deal.