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Industrial tech SPAC Hennessy Capital Investment VI files for a $200 million IPO

March 10, 2021

Hennessy Capital Investment VI, a blank check company formed by Hennessy Capital targeting US industrial technology, filed on Wednesday with the SEC to raise up to $200 million in an initial public offering.

The Wilson, WY-based company plans to raise $200 million by offering 20 million units at $10. Each unit will consist of one share of common stock and one-fifth of a warrant, exercisable at $11.50. Certain anchor investors have indicated interest in purchasing up to $36 million of the offering. At the proposed deal size, Hennessy Capital Investment VI would command a market value of $250 million. 

The company is led by CEO and Chairman Daniel Hennessy, who has led sponsor Hennessy Capital since founding the firm in 2013; COO, President, and Director Greg Ethridge, who is currently a Principal at Southlake Ventures and previously was a Senior Partner of MatlinPatterson; and CFO Nicholas Petruska, a VP at Hennessy Capital. 

The group's previous SPACs include Hennessy Capital Investment V (HCICU; +4% from $10 offer price), which raised $300 million in January; Hennessy Capital Acquisition IV, which raised $261 million in February 2019 and recently completed its acquisition of EV developer Canoo (GOEV; +22%); Hennessy Acquisition III, which raised $225 million in June 2017 and acquired waste management services company NRC Group (NRCG) prior to being acquired itself by US Ecology (Nasdaq: ECOL) in November 2019; Hennessy Acquisition II, which raised $175 million in July 2015 and acquired trucking company Daseke (DSKE; -37%) in February 2017; and Hennessy Acquisition I, which raised $100 million in January 2014 and acquired school bus maker Blue Bird (BLBD; +177%) in February 2015.

Hennessy Capital Investment VI intends to focus on industries that complement management's background, and to capitalize on their ability to identify and acquire a business, focusing on industrial technology in the US.

Hennessy Capital Investment VI was founded in 2021 and plans to list on the Nasdaq under the symbol HCVIU. It filed confidentially on February 5, 2021. Citi and Barclays are the joint bookrunners on the deal.