Leo Holdings II, the second blank check company formed by Lion Capital executives targeting consumer businesses, raised $350 million by offering 35 million units at $10. Each unit consists of one ordinary share and one-fourth of one warrant exercisable at $11.50.
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; +20% 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 plans to list on the NYSE under the symbol LHC.U. Deutsche Bank and Credit Suisse acted as lead managers on the deal.
