SPAC European Sustainable Growth Acquisition prices $125 million IPO

European Sustainable Growth Acquisition, a blank check company formed by Lucerne Capital and the former head of the IFC targeting sustainable industries in Europe, raised $125 million by offering 12.5 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Certain members of the sponsor had indicated on $5.5 million worth of units in the offering.

The company is led by Co-CEOs Pieter Taselaar and Matheus Hovers, who are both Partners and Portfolio Managers at Lucerne Capital Management. Taselaar is also the founder of Lucerne. They are joined by CFO Patrick Moroney, who is the CCO and COO of Lucerne, and Chairman Lars Thunell, an independent green initiatives investor who previously was a Senior Advisor to Blackstone and the CEO of the IFC.

European Sustainable Growth Acquisition intends to focus on European companies with leading edge technology in sustainable industries with compelling growth trajectories in areas such as renewable energy, food/agri-tech, and water conservation, among others that align with ESG principles and the UN Sustainable Development Goals.

European Sustainable Growth Acquisition plans to list on the Nasdaq under the symbol EUSGU. EarlyBirdCapital and ABN AMRO acted as lead managers on the deal.