H.I.G. Acquisition, a blank check company formed by H.I.G. Capital, raised $325 million by offering 32.5 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 originally planned to offer 45 million units before decreasing the unit offering last week.
The company is led by CEO and Director Brian Schwartz, who is Co-President of H.I.G. Capital and has led 25 acquisitions with the company, and CFO Timur Akazhanov, who is the Managing Director of the Advantage Fund at H.I.G. Capital and specializes in telecommunications, media, and tech private equity investments. While the company has not selected a target industry, it plans to leverage its management team's experience to identify a market-leading business that may provide opportunities for attractive risk-adjusted returns.
H.I.G. Acquisition plans to list on the NYSE under the symbol HIGA.U. Credit Suisse, Morgan Stanley and BofA Securities acted as joint bookrunners on the deal.
