The Gores Group filed notice Friday with the Securities and Exchange Commission announcing an initial public offering for the private equity firm’s second “blank check” company, Gores Holdings II.
The company is making 37,500,000 shares available at $10 each, according to the SEC filing, and will seek up to $375 million from the IPO. Gores Holdings II will be run as a special purpose acquisition company, though no target has yet been identified as a prospect for takeover.
“Gores Holdings II, Inc. is a newly organized blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses,” the company’s S-1 filing reads. “We have not identified any business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target.”
The Beverly Hills-based Gores Group along with chairman and chief executive Alec Gores will retain a 20 percent pre-IPO stake in the new company, according to the SEC filings. The private equity firm’s first blank check venture, Gores Holdings, was brought public in August 2015, also in a $375 million IPO. Gores Holdings went on to be the vehicle that facilitated the purchase of Twinkie-maker Hostess Brands in July for $725 million.
Deals & Dealmakers reporter Henry Meier can be reached at [email protected]. Follow him on Twitter @henry_meier.