Peridot Acquisition Corp is the latest Houston blank check company to file for an Initial Public Offering (IPO). The company plans to raise $300 million. It has its head office in the River Oaks area.
The company is looking to buy a business that focuses on environmentally sound infrastructure, industrial applications and disruptive technologies that eliminate or mitigate greenhouse gas emissions. The target should have an enterprise value of between $800 million and $2 billion.
Examples given include:
- Clean fuel transportation, electrification and energy efficiency.
- Environmental infrastructure (e.g recycling).
- Carbon capture, utilization and storage.
Carnelian, a PE firm based in Houston, is backing the company. It has $1.8 billion in cumulative equity commitments in traditional E&P companies.
Alan Levande is the CEO of the company. Most recently, he was the co-CEO of Covey Park Energy, a natural gas company that was sold to Comstock Resources (owned by Jerry Jones of the Dallas Cowboys) for $2.2 billion in June 2019. Prior to that, Mr Levande was a Co-Founder and Senior Managing Director at Tenaska Capital Management LLC, a $4 billion private equity manager focused on investments in the power and energy sectors, from 2003 to 2012.
Markus Specks is the CFO. He was most recently a Managing Director with Värde Partners, a global alternative investment advisor managing approximately $14 billion in assets, where he was employed from July 2008 to June 2020.
UBS Investment Bank and Barclays are the joint bookrunners on the deal.
Houston-area blank check companies
The company joins a stampede of blank check companies that have gone or are planning to go public this year. In Houston;
- Industrial Tech Acquisitions plans to list next week. Last month It upsized its planned raise from $60 million to $75 million.
- Good Works Acquisition filed in late August.