Former L Catterton executives' second SPAC Aspirational Consumer Lifestyle II files for a $300 million IPO

Aspirational Consumer Lifestyle II, the second blank check company formed by executives at LVMH and L Catterton targeting a lifestyle business, filed on Monday with the SEC to raise up to $300 million in an initial public offering.

The New York, NY-based company plans to raise $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Aspirational Consumer Lifestyle II would command a market value of $375 million.

The company is led by CEO and Chairman Ravi Thakran, who is Chairman and Managing Partner of Turmeric Capital and previously served as Group Chairman of luxury goods conglomerate LVMH South and South East Asia and Australia/New Zealand. Thakran is also the founder of L Capital Asia, the Asian private equity venture of LVMH; L Capital merged with Catterton in 2016 to form L Catterton. Vice Chairman Mark Bedingham is currently the CEO of Singapore Myanmar Investco and an Executive Chairman of two major hospitality companies owned by L Catterton. Co-President Lisa Myers is the co-founder and Managing Partner of global consumer-focused private equity firm Clerisy and a former Partner at L Catterton, where she focused on L Catterton Flagship Buyout Fund. Co-President Philippe Franchet has served as Managing Partner of Magnolia Asset Management since 2019 and previously co-founded L Capital in 2001 with Ravi Thakran, serving as a Managing Partner at L Catterton until 2019.

The group's previous SPAC, Aspirational Consumer Lifestyle (ASPL; +10% from $10 offer price), raised $225 million in September 2020 and is pending an acquisition of private aviation company Wheels Up. Aspirational Consumer Lifestyle II intends to concentrate on identifying businesses with premium brands that offer an aspirational lifestyle experience to consumers, which management refers to as the “aspirational lifestyle space.”

Aspirational Consumer Lifestyle II was founded in 2021 and plans to list on the NYSE. The company has not yet chosen a ticker (RC ticker: ASCLU.RC). Credit Suisse is the sole bookrunner on the deal.