Sports and SPACs Unite

The Daily Dish (6/28/21)

Sporting Goods Giant Announces SPAC Merger 

Signa Sports United will become the largest e-commerce and tech platform in the sporting goods space after an SPAC merger with Yucaipa Acquisition Corporation and WiggleCRC group. The combined company will do more than $1.6 billion in sales, with over 7 million active customers, 1000+ brands and 500+ connected retail stores. 

SSU decided to take an SPAC route as approved to a traditional IPO, since it would enable them to acquire WiggleCRC in parallel, rather than wait after the IPO to complete the deal. The company’s revenue are split into four categories including biking, tennis, team sports and outdoor activities. 

SSU has become the largest company in the four categories though acquisitions and organic growth. The company also plans to use the money from its SPAC merger to continue acquisitions of specialty players, fulfilling its short to medium term growth plan. 

Asian Investors Keen on SPAC Trend 

Investors and Target companies in Asia remain keen on SPACs, even after fatigue seen in the US markets. More than a dozen SPACs which have ties to Asia are planning to go public in the US, in the past two months.

By comparison, US SPAC activity has slowed down, primarily due to the questions posed by the SEC about accounting for stock warrants, which are common in most SPAC deals. 

SPACs raised a record breaking $94 billion in the first quarter, which is more than the $81 billion raised in 2020 and higher than the $80 billion raised in the prior 15 years combined.

Thirty-Four SPACs based in Asia have filed to go public since the start of the year, with over half planned listings filed after the SEC’s inquisition. The appetite for additional deals in Asia is stronger than ever, as sponsors increasingly search for target companies in the region.  

Payoneer Completes $3 Billion SPAC Listing 

Having completed its SPAC merger with FTAC Acqusition Corp. Payoneer Will begin trading on Nasdaq on June 28th under its new name Payoneer Global Inc.

The company has considered an IPO before the pandemic, but the rapid acceleration of digital commerce since the onset of the pandemic, resulted in an inflection point, giving the company a push to move towards the public markets. 

While the company started in the marketplace commerce space, it has expanded rapidly as the underlying businesses it serves have sought to grow beyond their initial vision.

As marketplaces continue to grow in scale, they have become crowded, pushing sellers to improve their marketing, thereby broadening the ambitions of the sellers and creating more opportunities. 

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