Gibraltar Growth Corporation Completes Qualifying Acquisition of LXR Produits de Luxe International –The Final Qualifying Acquisition of Canada’s “First Generation” SPACs
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Goodmans represented Gibraltar Growth Corporation (TSX: GBG.A, GBG.WT) (Gibraltar Growth), a special purpose acquisition corporation (SPAC), in the completion of its qualifying acquisition of 100% of all the issued and outstanding shares of Montreal-based LXR Produits de Luxe Internationale Inc. ("LXR") for an aggregate purchase price of $82.5 million. Gibraltor Growth closed a concurrent private placement of 2,500,000 Class B Shares at $10.00 per Class B Share for gross proceeds of $25 million. On closing of the qualifying acquisition, Gibraltar Growth changed its name to LXRandCo, Inc. and became a publicly-listed company trading on the TSX under the symbols "LXR" and "LXR.WT", respectively. LXR will continue to be led by its founders Fred Mannella and Kei Izawa, along with its current management team.
LXR is a rapidly growing, international omni-channel retailer of branded vintage luxury handbags and accessories. LXR sources and sells authenticated, high quality pre-owned products from iconic luxury brands such as Hermès, Louis Vuitton, Gucci and Chanel, among others, through a retail network of stores located in major department stores in Canada, the United States and Europe; wholesale operations primarily in the United States; and its own e Commerce website, www.lxrco.com.