Tinder Chief Executive Officer Jim Lanzone has recently teamed up with NBA super-agent Rich Paul and NFL star JJ Watt on a $150M IPO for a special purpose acquisition company called Coliseum Acquisition Corp.
Lanzone, Paul, and Watt are currently in the process of planning for a $150 million IPO, by offering 15 million shares at $10 apiece.
In a SEC filing on Tuesday, The new SPAC aims to acquire consumer-products and services or media companies worth $500 million to $2.5 billion “at the intersection of sports, entertainment, digital media and technology.”
The plan is to acquire consumer products or media companies in the sports, entertainment and digital media sectors. These potential acquisitions are expected to be in the $500 million to $2 billion range.
Lanzone is one of the latest businessmen to join the special purpose acquisition company (SPAC) trend, which has recently taken the financial sector by storm.
According to a Seeking Alpha article, Coliseum Acquisition Corp. executives said it is their “ belief that sports leagues, teams, and athletes will continue to enhance the fan experience and interaction via innovative streaming and digital media, content creation, monetization of digital assets and technology-driven products and services.”
“Our team views this intersection between sports, entertainment, and influencers as a powerful underlying force for the growth of innovative consumer brands,” the company added.
Watt, a top NFL defensive player, recently signed a $31M deal to join the Arizona Cardinals after 10 seasons with the Houston Texans. The five-time Pro Bowler will serve as an adviser to the SPAC.
Coliseum Acquisition, a blank check company targeting consumer products, services, and media companies, filed on March 19 with the SEC to raise up to $150 million in an initial public offering.
The New York-based company plans to raise $150 million by offering 15 million units at $10 each. At the proposed deal size, Coliseum Acquisition will command a market value of $188 million.
Lanzone and Paul will both serve in Coliseum’s board. Coliseum’s co-CEOs are financiers Jason Stein and Daniel Haimovic.
Stein and Hamovic jointly co-founded the private equity and strategic advisory firm SC Holdings in 2018. Coliseum Acquisition intends to capitalize on the expertise of its management team and advisors, specifically targeting consumer products, services, and media companies.
Coliseum Acquisition Corp. also aims to sell 15M investment units priced at $10 apiece, with each consisting of one Class A share and 0.33 warrants entitling holders to buy the second share in the future at $11.50.
The SPAC also plans to grant underwriters the option to purchase 2.25M additional units for overallotments, raising as much as $22.5M more.
Coliseum Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol MITAU. It filed confidentially on March 4, 2021. Stifel is the sole bookrunner on the deal.