Former AB InBev number two launches a Spac
Felipe Dutra, the former CFO of AB InBev, is executive chairman of Waldencast, a Spac that wants to invest in the beauty, personal care and wellness sectors.
Spac’s frenzy is in full swing across the Atlantic at the start of the year. According to the Spacinsider website, the number of IPOs of this type of company already stands at 258 units over two and a half months, i.e. more than for the whole of 2020, while the amounts raised, amounting to $ 83.2 billion, are on par with those of the whole of the previous exercise.
Two well-known names of those who follow the Brussels coast have made their appearance in this very particular universe.
Biotech in the spotlight
Onno van de Stolpe, the CEO of Galapagos, joins the board of directors of the European Biotech Acquisition Corp (Ebac). This Spac is managed by Eduardo Bravo, the ex-CEO of Tigenix, a biotech formerly listed on Euronext Brussels.
Onno van de Stolpe, CEO of Galapagos, joins the board of directors of European Biotech Acquisition Corp, headed by Eduardo Bravo.
The sponsor of this Spac is LSP, an investment company specializing in healthcare with a total of 30 years of experience in this field. Ebac’s ambition is to acquire a European society of life sciences. It has just increased the size of its fundraising, from 100 million to $ 120 million.
From beer to well-being
Another Spac has also just revised its ambitions upwards. Waldencast Acquisition now wishes to raise $ 300 million, against 250 million previously. At the closing of an acquisition, it may even raise an additional amount of 303 million.
The executive chairman of Waldencast is none other than Felipe Dutra, former CFO of AB InBev whose departure was announced a little over a year ago. Michel Brousset, former manager at L’Oreal, founder and CEO of Waldencast Ventures (the sponsor), will serve as CEO. Spac, which is targeting a listing on the Nasdaq, intends to invest in the beauty, personal care and wellness sectors. A 180-degree turn for the former world number one in beer.
Recall that the acronym Spac, for “special purpose acquisition company“, designates companies that have no commercial activity. Created by well-known figures in the world of finance and companies, called sponsors, they raise capital through an IPO.
The cash collected is then used to buy a company that take advantage of this empty shell to join the stock market faster and more flexible than via a traditional IPO. It also prevents it from suffering the full brunt of market volatility.