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Gabelli Group's SPAC PMV Consumer Acquisition prices $175 million IPO at $10

September 22, 2020

PMV Consumer Acquisition, a blank check company formed by the Gabelli Group targeting the consumer industry, raised $175 million by offering 17.5 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. The sponsor, officers, and directors had indicated on 5% of units in the offering.

The company is led by CEO and Chairman Kasper Jakobsen, the former CEO of global consumer company Mead Johnson Nutrition, and President Joseph Gabelli, a portfolio manager and equity research analyst at the Gabelli Group's GAMCO Investors (NYSE: GBL) with specialization in the consumer sector. Marc Gabelli, who is a managing member of the sponsor, has served as President of GAMCO Investors parent Gabelli Group Capital Partners. The company plans to target a business in the consumer industry with an enterprise value between $200 million and $3.5 billion.

Marc Gabelli is currently the CEO and Chairman of defense SPAC LGL Systems Acquisition (DFNS), which last closed up 1% from the $10 offer price.

PMV Consumer Acquisition plans to list on the NYSE under the symbol PMVC.U. UBS Investment Bank and BTIG acted as lead managers on the deal.