Bill Foley appears to be gearing up for another major acquisition, but the exact target remains an open question.
bloomberg reported yesterday that Foley Trasimene Acquisition Corp. II (FTAC II) raised the funds through an IPO, citing people familiar with the matter. In May, another acquisition-geared fund, Foley Trasimene Acquisition Corp., raised $1 billion, Bloomberg added.
Reached last night, Foley told SND, “We're really excited about the large number of excellent companies that are potential targets for our blank check companies. We are actively engaged in the search process working with Trasimene Capital Management and a number of investment banks.” In a release, he added that he looks forward to working with FTAC II to “identify prospective target businesses within the industries of financial technology or business process outsourcing and leveraging our collective transaction and organizational optimization experience.”
Both new corporations are so-called special purpose acquisition companies, or spacs, which are typically formed to fund acquisitions to be made within two years of their IPO, with the acquired companies then going public. Investors aren't made aware of the acquisition target in advance.
In the wine world, Foley's most recent acquisition was Sonoma County stalwart Ferrari-Carano. Following that purchase, made for an estimated $250 million, Foley is looking to drive Foley Family Wines to his goal of 2 million cases. “Prior to Covid-19, we were on pace to do about 1.4 million cases this year,” he said at the time of the deal in June. “This adds another 480,000 cases.”—Daniel Marsteller
Source: Shanken News Daily – Bill Foley Raises .3 Billion For New Blank-Check Company