SMG European Recovery SPAC, a vehicle focused on the European leisure and lodging space and led by former TPG executives, has completed a €115 mln IPO.
In a private placement, the company offered 11,500,000 units at a price of €10 per unit. Each unit comprised one share and half a warrant. They were only offered to institutional investors.
Trading on the Frankfurt Stock Exchange commenced 1 June, with the company applying for trading on Frankfurt's regulated market and for introduction to trading of public warrrants on its open market.
The firm is led by private equity investors Stefan Petrikovics as CEO of the management board, and Anand Tejani as chairman of the supervisory board. It is backed by a sponsor team with considerable experience in identifying, investing in and building leading companies in both the public and private sectors.
Petrikovics was formerly a principal investor at Morgan Stanley and TPG Real Estate, where he was most recently responsible for sourcing and execution across Europe and served on various corporate boards. In 2019, he founded SMG Holding, a private technology-enabled investment firm with offices in Amsterdam, Berlin and Luxembourg.
Tejani most recently served as a partner of TPG where he helped establish TPG's real estate business and also served on TPG's European Executive Committee.
SMG SPAC said it was looking for opportunities in the leisure and lodging sub-sectors which were expected to arise from post-Covid dislocations.
Barclays acted as sole global coordinator, partnering with ABN Amro as joint bookrunner.
