NEBC = 1C + 1/5W
Term = 24 months. Option to extend to 28 months.
1W + $11.50. Call $18.
Trust = $10. $250.0 million, or $287.5 million if the underwriters’ option to purchase additional units is exercised in full ($10.00 per unit), will be deposited into a US account with American Stock Transfer & Trust Company as trustee.
Lots of underwriters: Deutsche Bank Securities Inc. / William Blair & Company, L.L.C. / Stifel, Nicolaus & Company, Incorporated / Academy Securities, Inc. / Loop Capital Markets LLC / Roberts & Ryan Investments, Inc. / Tigress Financial Partners LLC
Closed on 12/11/20.
On December 11, 2020, Nebula Caravel Acquisition Corp. (the “Company”) consummated its initial public offering (the “IPO”) of 27,500,000 units (the “Units”), which included 2,500,000 units issued pursuant to the partial exercise by the underwriters of their over-allotment option. Each Unit consists of one share of Class A common stock of the Company, par value $0.0001 per share (“Class A Common Stock”), and one-fifth of one redeemable warrant of the Company (“Warrant”), with each whole Warrant entitling the holder thereof to purchase one share of Class A Common Stock for $11.50 per share. The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $275,000,000.
We intend to capitalize on the ability of our management team and the broader True Wind Capital platform to identify, acquire, and operate a business in the technology and technology-enabled services sectors that may provide opportunities for attractive long-term risk-adjusted returns, though we reserve the right to pursue an acquisition opportunity in any business or industry.
True Wind Capital is a technology-focused private investment firm, and we are a portfolio investment held in True Wind Capital II, True Wind Capital’s most recent investment fund. Our Chief Executive Officer, Mr. Adam H. Clammer, and our Chairman, Mr. James H. Greene, Jr., are the founding partners of True Wind Capital.
True Wind Capital is a San Francisco-based private equity firm managing $1.1 billion as of June 2020 that is focused on investing in leading technology companies with a broad mandate including software, financial technology, industrial technology, healthcare IT, internet, semiconductors, and IT services. True Wind Capital is a value-added partner, providing support and expertise that is rooted in its teams’ 75+ years of collective investing experience.
Our management team is led by our Chief Executive Officer, Mr. Clammer, and our Chairman, Mr. Greene, who are also the founding partners of True Wind Capital, who have worked together for over twenty years and who, collectively, have more than 50 years of private equity investing experience. We believe that they constitute one of the longest standing and most successful partnerships in technology private equity investing. Prior to founding True Wind Capital, Mr. Clammer and Mr. Greene were founding partners of the Kohlberg Kravis Roberts & Co. (“KKR”) Global Technology Group in 2004. At KKR, Mr. Clammer and Mr. Greene played a major role in over 30 platform investments with total transaction values in excess of $75 billion and more than $15 billion of invested equity, and were involved in investments across geographies, through a variety of different structures and amidst diverse economic cycles. These investments included some of the largest and most complex private equity deals in the technology industry. Success at this level requires the highest degree of diligence, financial and market analyses, process management, structuring abilities, operational knowhow and investment acumen.