Venice Brands Acquisition I, a consumer-focused blank check company formed by Venice Brands and Glazer Capital, filed on Thursday with the SEC to raise up to $150 million in an initial public offering.
The Santa Monica, CA-based company plans to raise $150 million by offering 15 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Venice Brands Acquisition I would command a market value of $188 million.
The company is led by CEO and Director Gregory Willsey, the founder and CEO of consumer brands holding company Venice Brands; President and Director Pam Netzky, the co-founder and former President of SkinnyPop Popcorn; and Chairman Doug Power, the VP and Global Head of M&A and Corporate Strategy at General Mills (NYSE: GIS). The company plans to target North American businesses in the consumer sectors, including food and beverage, health and wellness, beauty and personal care, and pet products and services.
Venice Brands Acquisition I was founded in 2021 and plans to list on the NYSE under the symbol VBAQ.U. Jefferies is the sole bookrunner on the deal.
