The SPAC market continues to stay hot, and one of the newest announced SPACs has Tommy Hilfiger and PIMCO attached.
The Leadership Team: The CEO, CFO and COO of Sandbridge Acquisition Corporation (NYSE:SBG) all come from sponsor Sandbridge Capital, a global consumer-focused investment firm.
Fashion icon Tommy Hilfiger, who will be an advisor, is the standout name in a Tuesday SEC filing by Sandbridge Acquisition Co.
Hilfiger launched his namesake brand in 1985, and it sold a decade ago to PVH Corp (NYSE:PVH) for $3 billion.
Hilfiger will help by “sourcing and negotiating with potential business combination targets"; “provide business insights when we assess potential business combination targets”; and “provide business insights” in the acquired company.
Hilfiger is not a paid employee and will earn 30,000 founder shares for his role.
PIMCO, a global investment management company with $1.9 trillion in assets, is the other main sponsor of the SPAC. PIMCO has expressed an intent to purchase 1.98 million units at the offering price.
The Offering: Sandbridge Acquisition Corporation will sell 20 million shares at a price of $10 each for expected proceeds of $200 million. Each share will come with one half a warrant good to buy a share at $11.50. The shares would list on the NYSE under the ticker "SBG."
About Sandbridge Acquisition Co.: The SPAC will target a company in the following fields: modern consumer brands, disruptive consumer brand technologies, beauty and personal care, luxury and health and wellness.
Sandbridge said it is seeking a company with a strong position to become a top two brand in their respective market.
Tommy Hilfiger. Photo by Kunstakademiets Designskole via Wikimedia.