Two Houston-area SPACs (Special Purpose Acquisition Corporations), otherwise known as blank check companies, have completed their Initial Public Offerings (IPO).
ESM Acquisition Corporation
ESM Acquisition Corporation has completed its $300 million IPO. The company just filed its registration statement in February.
The CEO of the company is Sir Mick Davis, who was the CFO of mining group Billiton plc (the predecessor to BHP Group) and the CEO of Xstrata plc, an Anglo-Swiss mining company that merged with Glencore plc in 2013. Until July 2019, Mr. Davis was the CEO and Treasurer of the British Conservative Party. He was born in South Africa but has British nationality. He is based in London.
The Chairman is John Raymond, who is Co-Founder and CEO of The Energy and Minerals Group, a leading natural resources-focused private equity firm, based in Houston. It manages funds of approximately $10 billion. ESM has its head office in the River Oaks area.
The company is looking for companies that mine commodities that are critical in order to achieve de-carbonization (think batteries for electric vehicles).
Peridot Acquisition Corp II
Peridot Acquisition Corp II upsized its IPO and raised $360 million. The Company’s sponsor is an affiliate of Carnelian, a Houston-based investment firm that focuses on opportunities in the North American energy space.
The company intends to target opportunities and companies that focus on environmentally sound infrastructure, industrial applications and disruptive technologies that eliminate or mitigate greenhouse gas (GHG) emissions and/or enhance resilience to climate change.
The first Peridot Acquisition went public in September with its $300 million IPO. It In February, it announced plans to take Li-Cycle, a battery recycler, public.