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What is a SPAC? Examining Why They Have Become So Popular in the Food and Ag Sector

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The food and ag sector saw a considerable increase in interest in Special Purpose Acquisition Companies (SPACs) over the last year, with billions raised or announced for SPAC IPOs looking for targets in the sector, and numerous food and ag companies becoming public companies through SPAC mergers.

The food and ag sector saw a considerable increase in interest in Special Purpose Acquisition Companies (SPACs) over the last year, with billions raised or announced for SPAC IPOs looking for targets in the sector, and numerous food and ag companies becoming public companies through SPAC mergers.Mitchell S. Presser, co-chair of Morrison & Foerster’s Global Corporate Department who also co-leads the global SPAC team, illustrated the market’s trends during a presentation for the 2021 Global AgInvesting on the Green conference in New York, including:<ul><li>Current trends in relation to SPAC IPOs, SPAC-related PIPEs, and de-SPAC transactions; </li><li>Raising a SPAC and de-SPACing; </li><li>Regulatory headwinds; and </li><li>Economics for investors and potential company targets.</li></ul>Watch the video and contact us to learn more.<iframe src="https://www.youtube-nocookie.com/embed/UOEGA9EtGoo?rel=0" title="Board Table Top Exercise: A Realistic Ransom-Scenario Driven Discussion" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="1" title="iframe"></iframe><hr>

2021 Global AgInvesting on the Green

What is a SPAC? Examining Why They Have Become So Popular in the Food and Ag Sector

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Mitchell Presser advises on high-profile global public and private mergers and acquisitions, with a heavy concentration on private equity transactions. Mitchell is co-chair of the global Food + Agriculture Industry practice.Clients across wide-ranging sectors call on Mitchell for his vast experience, as both a lawyer and a principal, executing high-profile M&A and private equity transactions that lead to successful outcomes. He has worked across asset classes, including, but not limited to, agriculture, food, financial services, industrials, insurance, sports and entertainment, energy and retail.Mitchell was a founding partner of Paine Schwartz Partners (formerly Paine & Partners), a leading U.S. private equity firm managing a fund focused on investing in food and agriculture. Having served as an investor for more than eight years, Mitchell has an understanding of both the legal and business environments that enables him to provide a unique perspective to clients.Mitchell has been recognized as a top lawyer by Chambers USA and Legal 500 US. Our private equity practice was recently recognized as a Law360 Practice Group of the Year. He is a faculty member and lecturer of law at Harvard Law School and Columbia Law School, where he teaches a class focused on the sale of international businesses. Mitchell has served as member of the Board of Directors for privately-held and public companies. He is also a member of the firm’s global Environmental, Social, and Governance (ESG) steering committee.<h4>Representative Experience</h4><ul><li>Paine Schwartz Partners, a global leader in sustainable food chain investing, in connection with its new platform investment in Registrar Corp., a leading provider of supply chain compliance software and services to domestic and foreign food & beverage, medical device, pharmaceutical, and cosmetic customers.</li><li>Silver Crest Acquisition Corporation (NASDAQ: SLCR), a publicly traded special purpose acquisition company (SPAC), in connection with its US$1.4 billion business combination with TH International Limited (Tims China), a master franchisee and operator of Tim Hortons coffee shops in China.</li><li>Sky Harbour LLC, a developer of private aviation infrastructure focused on building, leasing, and managing business aviation hangars, in its business combination agreement with Yellowstone Acquisition Company (NASDAQ: YSAC, YSACU, and YSACW), a publicly traded SPAC sponsored by Boston Omaha Corporation (NASDAQ:BOMN). The combined company will have an implied pro forma equity market value of approximately $777 million at closing.</li><li>Verisem BV, an integrated global seed production company, and Paine Schwartz Partners, a global leader in sustainable food chain investing, in connection with the agreement to sell Verisem to Syngenta’s vegetable seeds business, part of Syngenta Group, a global leader in agricultural science and innovation headquartered in Switzerland.</li><li>Phesi, a data-driven provider of AI-powered clinical development analytics products and solutions for biopharmaceutical companies, in securing a $10 million investment from Sensyne Health (LSE: SENS), a clinical AI technology company, as part of an exclusive strategic collaboration.</li><li>Tinicum and affiliated funds managed by Tinicum Incorporated in the acquisition of a controlling interest in Robert Family Holdings to create TSL Engineered Products.</li><li>SoftBank Group Corp. as the largest investor in Social Finance, Inc. (SoFi), a leading next-generation financial services platform, in connection with SoFi’s agreements with Social Capital Hedosophia Holdings Corp. V (SCH) (NYSE: IPOE), a publicly traded special purpose acquisition company (SPAC), that will take the company public via merger, in a transaction that values the company at $8.65 billion.</li><li>Project 8, a new entity formed by ATN International, Inc. (NASDAQ: ATNI) and its financial partner Freedom 3 Capital, LLC, in connection with its $332 million agreement to acquire Alaska Communications Systems Group, Inc. (NASDAQ: ALSK), the leading provider of advanced broadband and managed IT services for businesses and consumers in Alaska.</li><li>Tene Capital and Pulse Agri Investments in its acquisition of Ahern Agribusiness, a San Diego-based seed distribution business with operations in the United States, Mexico and Central America.</li><li>Pivotal Investment Corporation II, a publicly traded special purpose acquisition company, on its merger with XL Fleet, a leader in vehicle electrification solutions for commercial and municipal fleets.</li><li>FoodChain ID and Paine Schwartz in the sale of FoodChain ID to Berkshire Partners.</li><li>Paine Schwartz Partners in its acquisition of Wawona Packing Company, and in Wawona’s subsequent acquisitions of Gerawan Farming and Burchell Nursery to create the largest stone fruit business in the United States</li><li>Burford Capital in its acquisition of GKC Holdings, the parent company of Chicago-based litigation finance and asset management firm Gerchen Keller Capital, combining the two largest litigation finance players in the world</li><li>Paine Schwartz Partners in its sale of Icicle Seafoods to Cooke Seafood, its acquisition of FoodChain ID (formerly Global ID Corporation), and its international acquisitions of Suba Seeds and Spearhead International</li><li>MSD Capital in its significant investment in the $4 billion buyout of UFC, joining WME-IMG, KKR, and Silver Lake, and in its investment in the WIRB-Copernicus Group</li><li>Acting for the buyout group led by Goldman Sachs in Kinder Morgan’s $22 billion leveraged buyout</li><li>Pivotal Acquisition Corp. in its merger with KLDiscovery</li></ul>

Mitchell Presser

Partner

Food + Agriculture

SPACs

What is a SPAC? Examining Why They Have Become So Popular in the Food and Ag Sector

15 Jul 2021 2:00 PM - 2:30 PM PDT