Leo Holdings II, a second blank check company formed by Lion Capital executives targeting consumer businesses, filed on Monday with the SEC to raise up to $350 million in an initial public offering.
The London, United Kingdom-based company plans to raise $350 million by offering 35 million units at a price of $10. Each unit consists of one ordinary share and one-third of one warrant exercisable at $11.50. At the proposed deal size, Leo Holdings would command a fully diluted market value of $438 million.
The company is led by CEO Lyndon Lea and CFO Robert Darwent, who together co-founded Lion Capital in 2004. Their previous SPAC, Leo Holdings, recently completed a business combination with Digital Media Solutions (DMS; -27% from $10 offer price) in July of this year. Lea and Darwent are joined by Chairman Ed Frost, who is Chairman, Partner, and a member of the Investment Committee at Lion Capital and previously served as CEO of Cushman & Wakefield. Leo Holdings II plans to leverage its management's experience, as well as its affiliation with Lion Capital, to target a company in the consumer sector and produce attractive risk-adjusted returns for shareholders.
Leo Holdings II was founded in 2020 and plans to list on the NYSE. The company has not selected a ticker yet (RC ticker: LHII.RC). Deutsche Bank and Credit Suisse are the joint bookrunners on the deal.
