SUBSPAC

The Daily Dish (08/16/21)

Tim Hortons China Nearing $1.8 Billion SPAC Deal 

Tim Hortons China, a joint venture between private equity firm Cartesian Capital Group and a subsidiary of RBI is nearing a SPAC Merger with Silver Crest Acquisition Group, in a deal that values the combined company at $1.8 Billion.

The Chinese master franchise holder opened its first outlet back in 2019 with more than 150 shops across 10 cities in the country to date.

The company expects to expand this number to more than 1500 outlets. Tim Hortons China had recently announced that it had completed a funding round in March with Sequoia China and Tencent Holdings.

Silver Crest raised $345 million in a January IPO and said that it was seeking a target in the high growth consumer sectors.


Memic Closes $1 Billion SPAC Deal 

These arms will make you rethink everything about your future robotic surgeon.

Israeli medical device company Memic Innovation announced a merger agreement with SPAC MedTech Acquisition Corporation, in a deal that values the company at $1 Billion.

The company’s Hominis platform is an FDA cleared surgical robot which features humanoid-shaped arms that provide human-level dexterity and 360-degree articulation.

The company will raise $300 Million from the transaction, which includes PIPE funding from Bridger Healthcare, Ltd., The Kraft Group, Monashee Investment Management LLC, Pura Vida Investments and Wellington Management.


Investors Turn to SPACs for Energy Transition 

The Low Carbon Leaders Club (or LCLC, as the insiders like to call it) is growing fast, and those involved in the latest round of SPACs are set to make a killing.

Investment bankers, portfolio managers and executives have set up more than 20 SPACs to merge with renewable energy companies, with an additional 10 SPACs planned to launch in the future.

As capital shifts from traditional oil and gas investments to low carbon alternatives, investors are rushing to set up these companies. While SPACs have been most active in the technology and healthcare industry, the alternative energy sector is catching up.

Many of the renewable SPACs have raised over $250 million and are targeting companies that manufacture renewable energy storage, hydrogen storage solutions and carbon storage.


OurCrowd Negotiating $1 Billion SPAC Merger 

OurCrowd is negotiating with several SPACs to go public at a valuation of over $1 Billion.

The Jerusalem-based platform helps institutions and individuals invest in emerging companies in over 195 countries and is considered one of the most active venture investors in Israel.

Some of the companies in their portfolio has been acquired by industry leaders like Microsoft, Uber, Canon, Oracle and Nike.

Other companies have gone public like Lemonade, Beyond Meat and Innoviz.

While the company’s portfolio originally began with Israel based startups, it has also expanded to be more geographically diverse.

About 55% of the companies it funds are located in Israel, one third in the US and 10% elsewhere.


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