Leo Holdings V, the fifth blank check company formed by Lion Capital executives targeting consumer businesses, filed on Monday with the SEC to raise up to $250 million in an initial public offering.
The Nassau, Bahamas-based company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. At the proposed deal size, Leo Holdings V would command a market value of $313 million.
The company is led by CEO and Director Lyndon Lea, co-founder and Managing Partner of Lion Capital; CFO and Director Robert Darwent, 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 other SPACs include Leo Holdings IV (LIVU.RC), which filed to raise $300 million last month; Leo Holdings III (LIII.U; +3% from $10 offer price), which went public last month; Leo Holdings II (LHC.U: +5%), which went public in January; and Leo Holdings, which went public in February 2018 and acquired Digital Media Solutions (DMS; +15%) in July 2020.
Leo Holdings V was founded in 2021 and plans to list on the NYSE. It has not selected a symbol yet (RC ticker: LHVU.RC). Deutsche Bank is the sole bookrunner on the deal.
