Leo Holdings III, the third blank check company formed by Lion Capital executives targeting consumer businesses, raised $240 million by offering 24 million units at $10. The company offered 4 million more units than anticipated. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50.
The company is led by CEO and Director Lyndon Lea, a co-founder and Managing Partner of Lion Capital; CFO and Director Robert Darwent, a co-founder of Lion Capital, where he sits on the Investment Committee and Operating Committee; and Chairman Ed Forst, who currently serves as Chairman and Partner of Lion Capital. The company plans to target the consumer sector, focusing on established businesses with a leading competitive position, strong management team, and collaborative and collegiate culture, among other characteristics.
The group's previous SPACs include Leo Holdings II (LHC.U; +5% from $10 offer price), which went public in January 2021, and Leo Holdings, which went public in February 2018 and acquired Digital Media Solutions (DMS; +39%) in July 2020.
Leo Holdings III plans to list on the NYSE under the symbol LIII.U. Deutsche Bank acted as a lead manager on the deal.
