Consumer-focused SPAC GP-Act III Acquisition files for a $250 million IPO

GP-Act III Acquisition, a blank check company backed by GP Investments and former Hain Celestial execs, filed on Thursday with the SEC to raise up to $250 million in an initial public offering.

The New York, NY-based company plans to raise $250 million by offering 25 million units at $10. Each unit will consist of one share of common stock and one-third of a warrant, exercisable at $11.50. The company may raise an additional $50 million pursuant to a forward purchase agreement with GP Investments that will close concurrently with the initial business combination. At the proposed deal size, GP-Act II Acquisition will command a market value of $313 million. 

The company is led by Co-Chairman Fersen Lamas Lambranho, who serves as Chairman of GP Investments, and Co-Chairman Irwin Simon, who previously founded The Hain Celestial Group (Nasdaq: HAIN). They are joined by CEO and Director Antonio Bonchristiano, who is the CEO of GP Investments. GP-Act III Acquisition believes that high potential consumer-facing businesses based in the US are attractive business combination targets that have ample opportunity for growth and the potential to provide long-term shareholder value.

GP-Act III Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol GPATU. It filed confidentially on February 1, 2021. Citi and Cantor Fitzgerald are the joint bookrunners on the deal.