Leaps of Faith
Investors have been piling into shares of “special purpose acquisition companies,” gussied-up versions of the old-fashioned blind pool. See story on page 21. Here are the SPAC offerings completed in 2005.
Deal IPO Recent Pricing
Issuer Symbol Val $mil Price Price Date Lead Manager Comment
Cold Spring Capital CDS.U $120.0 $6.00 $5.85 10-Nov Deutsche Bank Founders Richard Stratton and Joseph Weingarten built Litchfield Financial.
Platinum Energy Res PGRIU 115.2 8.00 7.53 25-Oct Casimir Capital; Cantor Fitzgerald Seeking to buy global oil-and-gas E&P firm.
Paramount Acq PMQCU 51.0 6.00 6.15 24-Oct EarlyBirdCapital Execs from Paramount BioCapital Asset Management; seeks health-care firm.
Key Hospitality Acq KHPAU 48.0 8.00 7.60 24-Oct Maxim Group Target: hospitality industry. Team includes W. Thomas Parrington, co-chair of hotel firm Lodgian.
Federal Services Acq FDSAU 126.0 6.00 5.97 19-Oct CRT Capital Group Seeking acquisition of company in federal services or defense industry.
Coconut Palm Acq CNUTU 60.0 6.00 6.15 9-Sep Morgan Joseph; EarlyBirdCapital; CEO Richard Rochon was long-time exec with Huizenga Holdings.
Ad.Venture Partners AVPAU 54.0 6.00 6.05 25-Aug Wedbush Morgan Officers Howard Balter and Ilan Slasky are former Net2Phone execs.
Ithaka Acquisition ITHKU 51.0 6.00 5.70 17-Aug EarlyBird Capital; ThinkEquity Partners Founders Paul Brooke and Eric Hecht were once Street health-care analysts.
Stone Arcade Acq SCDEU 120.0 6.00 6.20 15-Aug Morgan Joseph Target industry: paper, packaging, forest products. Founder is former CEO of Stone Container.
Chardan North China Acq CNCAU 30.0 6.00 7.45 5-Aug EarlyBirdCapital Target region: North China.
Chardan South China Acq CSCAU 34.5 6.00 7.20 5-Aug EarlyBirdCapital Target region: South China.
Healthcare Acq HAQ* 72.0 8.00 7.86 29-Jul Maxim Group Target industry: Healthcare.
Oakmont Acq OMACU 48.0 6.00 5.98 18-Jul Morgan Joseph Team from Quantum Value Management intends to buy in the industrial sector.
Fortress America Acq FAACU 46.8 6.00 6.01 15-Jul Sunrise Securities Chairman is Tom McMillen, former Congressman and NBA player.
Juniper Partners Acq JNPPU 15.3 10.50 10.00 15-Jul HCFP/Brenner Sec Seeks media and entertainment acquisition.
Courtside Acq CRB* 82.8 6.00 5.99 30-Jun EarlyBird Cap Alpine Capital execs seek entertainment- or media-industry deal.
Services Acq Intl SVI* 138.0 8.00 7.81 29-Jun Broadband Capital CEO is former AutoNation exec Steven Berrard; he also once ran Blockbuster.
TAC Acq TACAU 132.0 6.00 6.15 28-Jun Wedbush Morgan CEO Jonathan Cohen, once lost his spot as Merrill Lynch Internet analyst to Henry Blodget.
KBL Healthcare Acq II KBLH 55.2 6.00 6.05 21-Apr EarlyBird Cap Mgmt team from venture firm KBL Healthcare Management.
Terra Nova Acq TNVAU 33.1 6.00 5.80 18-Apr EarlyBird Cap Executive team comes from Precinda, a Toronto-based holding company.
Mercator Partners Acq MPABU 51.7 10.10 10.54 12-Apr HCFP/Brenner Sec; Morgan Joseph CEO Brian Thompson also heads Comsat intl.
Ardent Acq AACQU 41.4 6.00 5.95 24-Feb EarlyBird Cap CEO Barry Gordon chairs American Fund Advisors, which subadvises John Hancock Tech Fund.
Aldabra Acq ALBAU 55.2 6.00 6.05 18-Feb Morgan Joseph Most execs from Terrapin Partners; board includes former Fla. congressman Peter Deutsch.
Coastal Bancshares Acq CBASU 33.1 6.00 6.06 15-Feb I-Bankers Sec; Newbridge Sec Chairman Cary Grossman is also CFO of Sand Hill IT Security Acquisition.
*Healthcare Acquisition and Services Acquisition recent prices represents one share plus one warrant. Courtside Acquisition price represents one share and two warrants.
More Chances to Jump
Still want to get in on the SPAC game? There are plenty of deals still in registration.
Company Value $mil Date Lead Manager Comment
General Finance $60.0 18-Nov Morgan Joseph Company seeking specialty-finance deal.
Restaurant Acquisition Partners 24.0 28-Oct Capital Growth Financial CEO Christopher Thomas was exec at Planet Hollywood, Sizzler.
Grubb & Ellis Realty Advisors 150.0 21-Oct Deutsche Bank Well-known realty firm starts a SPAC, luring top-tier banker Deutsche Bank.
Healthcare Acquisition Partners 100.0 14-Oct First Tennessee CEO John Voris was president and CEO of Epocrates Inc.
Affinity Media Intl 20.0 30-Sep Maxim Group Team includes several execs from Silverback Books, a cookbook publisher.
Oracle Healthcare Acquisition 100.0 30-Sep CRT Capital Chairman Larry Feinberg heads health-care investment firm Oracle Investment.
Global Logistics Acquisition 80.0 26-Sep BB&T Capital Mkts; EarlyBird Chairman James Martell was CEO of SmartMail Services, now part of Deutsche Post.
Endeavor Acquisition 200.0 20-Sep Ladenburg Thalmann; Broadband President Jonathan Ledecky founded U.S. Office Products.
Global Services Partners Acquisition 30.5 15-Sep HCFP/Brenner Targeting the business-process outsourcing sector.
Good Harbor Partners Acquisition 51.7 15-Sep HCFP/Brenner Chairman Richard A. Clarke is former Clinton and Bush administration security aide.
Israel Growth Partners Acquisition 51.7 15-Sep HCFP/Brenner CEO Carmel Vernia is ex-chief of Tower Semiconductor.
Media & Entertainment Holdings 90.0 9-Sep Jesup & Lamont CEO Herb Granath is the 77-year-old chairman emeritus of ESPN.
Acquicor Technology 150.0 2-Sep Wedbush Morgan; ThinkEquity Team includes Apple Computer co-founder Steve Wozniak and other former Apple execs.
Viceroy Acquisition 160.0 2-Sep Shemano Group Chairman Paul Anthony Novelly is also CEO of Apex Oil, a private St. Louis petroleum marketer.
Phoenix India Acquisition 100.0 31-Aug Rodman & Renshaw Looking for Indian outsourcing plays.
Industrial Services Acquisition 50.0 22-Aug Wedbush Morgan Securities CEO Mark McKinney has been president of AMCO Distribution, a warehousing and distribution firm.
Asia Automotive Acquisition 32.0 22-Aug Rodman & Renshaw; Chardan Seeking auto-parts companies in China, India, elsewhere in Asia. Led by former Delphi execs.
Vector Intersect Security Acquisition 150.0 18-Aug Rodman & Renshaw Looking for homeland-security deal. Directors include former TRW chief Jospeh Gorman.
Bank Street Telecom Funding 88.0 5-Aug CRT Capital Seeking telecom deal. Related to Bank Street Holdings, a telecom merchant-banking boutique.
Highbury Financial 36.0 5-Aug ThinkEquity; EarlyBird Team comes from Berkshire Capital, a New York investment-banking firm.
Jaguar Acquisition 18.0 3-Aug EarlyBirdCapital Seeking to buy financial company. CEO Jonathan Kalman also runs advisory Katalyst.
Shine Media Acquisition 60.0 2-Aug ThinkEquity Looking to buy a Chinese media company.
Echo Healthcare Acquisition 75.0 15-Jul Roth Capital Partners President Joel Kanter has twice led deals that completed acquisitions of health-care companies.
QuadraPoint Acquisition 75.0 15-Jul Ladenburg Thalmann Hasn’t targeted particular industry. Execs all have middle-market financing expertise.
Confluence Acquisition 48.0 8-Jul Dawson James; Roth Cap Partners President John Klobnak was former CEO of Laser Vision Centers.
MDC Acquisition 80.0 5-Jul Wedbush Morgan Management comes from private-equity firm McCown De Leeuw & Co.
TC Acquisition 48.0 1-Jul Merriman Curhan Ford Seeking tech deal. CEO Robert J. Majteles comes from Treehouse Partners.
Manhattan Maritime Ent 114.0 1-Jul Ladenburg Thalmann Seeking shipping-industry deal.
Boulder Specialty Brands 136.0 1-Jul Citigroup; Roth Capital Partners Seeking food or beverage deal. CEO Stephen Hughes is former CEO of Celestial Seasonings.
DG Acquisition 53.3 30-Jun Merriman Curhan Ford Principals from Drake Goodwin and Graham, a private-equity firm. Seeking “infrastructure” deal.
Harbor Acquisition 60.0 30-Jun Ferris Baker Watts Execs from New England Partners, a private-equity firm based in Boston.
Star Maritime Acquisition 160.0 9-Jun Maxim Group; EarlyBird Looking to buy shipping company. Execs come from Oceanbulk Maritime, a dry-cargo shipper.
Pharmamatrix Acquisition 32.0 9-Jun Jesup & Lamont Securities Targeting OTC drugs and beauty aids. CEO Norman Meier is former chief of Columbia Labs.
InterAmerican Acquisition 90.0 6-Jun Granite Financial; Ramius Securities Looking for companies that can play the Latin American market.
JK Acquisition 60.0 25-May Ferris Baker Watts CEO James Wilson has been with RSTW Partners, a private-equity firm.
India Globalization Capital 60.0 13-May Ferris Baker Watts Looking for an Indian company.
Community Bankers Acquisition 60.0 22-Apr I-Bankers Wants to buy a bank. CEO David Zalman is CEO of Prosperity Bancshares.
Sources: Dealogic, Yahoo Finance, SEC filings