Lew Frankfort and Jide Zeitlin are back together with a new SPAC that filed to go public last week and is on the hunt for a brand targeting Millennials and Gen-Z.
Zeitlin was the Goldman Sachs banker that helped Frankfort take Coach Inc. public in 2000 as chairman and chief executive officer. And when Zeitlin eventually took the same spot, after Coach was renamed Tapestry Inc., Frankfort helped as senior adviser.
Now they are co-CEO’s of the blank check company Bleuacacia and sensing some post-COVID-19 potential to buy a yet to be determined brand with the proceeds of a potentially $300 million initial public offering.
“This is a critical moment for consumer brands given the development of vaccines and the potential end of the COVID-19 crisis,” Bleuacacia said in its registration statement with the Securities and Exchange Commission. “Well managed brands can realize tremendous growth over the next decade. As such, this is an exciting time to pursue acquisitions of globally relevant, premium and consumer-facing brands that have a powerful emotional engagement with Millennial and Gen-Z consumers.”
SPACs, or special purpose acquisition companies, are essentially management teams who raise money in hopes of doing a deal, but return it to investors if they don’t find a suitable target or can’t close a deal.
The filing also noted that members of the Bleuacacia’s management could be subject to “significant media coverage.”
“For example, in July 2020 Mr. Zeitlin resigned as chairman and chief executive officer of Tapestry Inc. for reasons related to a personal consensual relationship that occurred over 12 years ago and was unrelated to his duties at the company or any other company,” Bleuacacia said. “The legal due diligence conducted in anticipation of this transaction, which focused on his employment at Tapestry and information reported in the media, confirmed the facts in the previous sentence and did not reveal any additional material or negative information which we believe would impair Mr. Zeitlin’s suitability to serve as our chief executive officer.”
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