The Daily Dish (7/15/21)

BBQGuys in Talks for $900 Million SPAC Merger
BBQGuys, an online retailer selling grills, outdoor kitchens and other accessories is in talks with SPAC Velocity Acquisition Corp for a merger which is expected to value the combined company at $900 million.
The current majority owner in BBQGuys is Brand Velocity Partners. Other minority investors include a family of National Football League Veterans: Archie Manning and his sons Eli Manning and Peyton Manning.

The company is an e-commerce marketplace which stocks brands such as Blaze, Weber, Trager and Magma. The company’s revenues are growing rapidly over the last three years at a CAGR of 40% and reached $250 million in 2020.
Velocity has raised over $230 million in its IPO in February and is one of the three SPACs which was co-founded by Dough Jacob.
Former BP CEO Launches Green Energy SPAC
Former BP CEO Tony Hayward is expected to lead an SPAC which aims at investing in green energy projects in Europe.

Energy Transition Partners, is expected to launch its $175 million IPO in Amsterdam and will focus on investment in companies involved in efforts to decarbonise the world’s energy mix. Hayward left BP in 2010 following the Gulf of Mexico Deepwater Horizon disaster and became chairman of Glencore.
Hong Kong Biotech Plans $1.3 Billion SPAC Merger
Hong Kong Based Biotechnology company Prenetics is set to complete its SPAC Merger with Artisan Acquisition, in a deal which values the combined company at $1.3 billion.
The transaction is expected to close by the fourth quarter this year. UBS, Citi, Credit Suisse and CICC are financial advisors on the deal.
Artisan Acquisition is backed by Adrian Cheng, the CEO and Executive Vice Chairman of Hong Kong listed New Word Development, a conglomerate with $88 billion in assets.
Artisian raised $339 million in its IPO and has signed a further $60 million forward purchase agreements with investments from Aspex and PAG.

Prenetics is a diagnostic and genetic testing company which operates in Hong Kong and the UK. The company was started by Danny Yeung and will become the first billion dollar startup in Hong Kong to go public.
The company has grown significantly since 2014, with revenues expected to surpass $200 million this year and projected to reach around $600 million by 2025.