SPAC Sierra Lake Acquisition prices $300 million IPO, led by former Stericycle CEO

Sierra Lake Acquisition, a blank check company led by the former CEO of Stericycle and others with industrial, consumer, and finance experience, raised $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.

The company is led by CEO Charles Alutto, who currently serves as CEO of Alutto Consulting and previously was CEO of Stericycle (Nasdaq: SRCL); Executive Co-Chairman Richard Burke, who currently serves as a director of US Ecology and SPAC ECP Environmental (ENNV) and previously was CEO of waste services provider Advanced Disposal; and Executive Co-Chairman Kenneth Campbell, who was previously a director of Matlin & Partners Acquisition (now USWS) and a partner at MatlinPatterson.

Sierra Lake Acquisition plans to capitalize on management's experience across a diverse array of industries, including healthcare services, food and beverage, consumer products, industrial services, business services, real estate, professional services, homebuilding and medical, and solid waste disposal (an industry it cannot pursue until Mr. Alutto's and Mr. Burke's non-competes expire).

Sierra Lake Acquisition plans to list on the Nasdaq under the symbol SIERU. Cantor Fitzgerald acted as sole bookrunner on the deal.