Renaissance Capital logo

SPAC Global Partner Acquisition II prices upsized $275 million IPO

January 12, 2021

Global Partner Acquisition II, a blank check company targeting consumer, e-commerce, and retail disruptors, raised $275 million by offering 27.5 million units at $10. The company offered 2.5 million more units than anticipated. Each unit consists of one share of common stock, one-sixth of a warrant exercisable at $11.50, and one right to receive one-sixth of a warrant at the time of the initial business combination.

The company is led by CEO and Chairman Paul Zepf, who previously served as Managing Director of TowerBrook Capital Partners and Managing Director and Head of Strategic Initiatives at Golub Capital. The company plans to target industries in the consumer, food, branded products, e-commerce and retail disruptors and consumerization of healthcare, as well as certain service sectors and the technology underlying and driving changes across these sectors and related industries. It plans to focus on businesses with enterprise values between $1 billion and $3 billion.

Zepf's previous SPAC, Global Partner Acquisition, went public in July 2015 and completed its acquisition of DTC mattress maker Purple Innovation (Nasdaq: PRPL; +111% from $10 offer price) in February 2018.

Global Partner Acquisition II plans to list on the Nasdaq under the symbol GPACU. UBS Investment Bank and RBC Capital Markets acted as lead managers on the deal.