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SPAC Senior Connect Acquisition I, led by the founder of UnitedHealth, prices upsized $360 million IPO at $10

December 11, 2020

Senior Connect Acquisition I, a blank check company formed by the founder of UnitedHealth targeting the senior market, raised $360 million by offering 36 million units at $10. The company offered 6 million more units than anticipated. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.

The company is led by CEO and Chairman Richard Burke, the founder and former CEO of UnitedHealth Group. Burke currently serves as a Managing Partner at Rainy Partners and previously was the owner, CEO, and Governor of the NHL team Phoenix Coyotes. President and Director Isaac Applbaum is co-founder and Partner at Israel-focused investment fund MizMaa and co-founder of senior-oriented business Secure and blockchain technologies company SecureKey. CFO and Director Ryan Burke is currently the CIO of Rainy Partners and BFO LLC. Senior Connect Acquisition I plans to target select sectors of the senior market, including lifestyle, home-based services, and health platforms, among others.

Senior Connect Acquisition I plans to list on the Nasdaq under the symbol SNRHU. Citi acted as a lead manager on the deal.