Acasta Enterprises Completes Canada’s First SPAC Qualifying Acquisition
Goodmans represented Acasta Enterprises Inc. (“Acasta”) in the completion of its $1.2 billion qualifying acquisition of 100 per cent of Apollo Health & Beauty Care Partnership and JemPak Corporation, two of North America’s leading private-label consumer staples businesses, and Stellwagen Group (“Stellwagen”), a best-in-class commercial aviation finance advisory and asset management business based in Ireland and the United States. Concurrent with closing, Acasta completed a $160 million private placement and $150 million credit facilities, and announced the launch of its first long-term multi-billion dollar private equity fund. This transaction is Canada’s first qualifying acquisition by a special-purpose acquisition company (SPAC). It is also understood to be the first multiple target acquisition by any SPAC in the world.