Investor behind Papa John’s comeback forms a SPAC

If you haven’t created a SPAC in 2020, do you even exist?

The latest special purpose acquisition company, or SPAC, comes from Starboard Value, the hedge fund known for overhauling the board of directors at Darden and then investing in Papa John’s, deals that have worked out swimmingly for the firm.

Starboard’s company, ., or SVAC, filed registration statements for its initial public offering on Tuesday. Among the industry advisers listed in the registration statement is Nigel Travis, the former CEO at Dunkin’ Brands. The firm is seeking to raise $300 million.

A SPAC is also known as a blank-check company. It’s a shell company that sells stock to investors and uses those funds to make an acquisition. The SPAC merges with the company it acquires, taking it public in the process. The most notable restaurant companies to go public this way include Del Taco and Burger King, which later merged with Tim Hortons to become Restaurant Brands International.

Source: Restaurant Business Online