Twin Ridge Capital Management, a private-investment firm in California, has launched a vehicle to pursue acquisitions and mergers in the consumer and distribution segments.
Twin Ridge Capital Acquisition Corp., described as a so-called blank-check company, sometimes known as a special purpose acquisition company (SPAC), has been established for the “purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganisation or similar business combination with one or more businesses”, according to a statement announcing a US$200m public share offering, or IPO.
Former executives of US and Canadian food giants Campbell Soup Co. and McCain Foods are behind the venture: Sanjay Morey and Dale Morrison, along with William Russell, a veteran capital investor.
Morey serves as president, joint chief executive and a director of Twin Ridge Capital Acquisition Corp. based in Menlo Park, California. He was a director from 2006 to 2010 at KKR, the private-equity firm in New York that acquired Campbell’s Australian snacks business, Arnott’s, in 2019.
Morrison is chairman and director. He was CEO for Canadian frozen-food group McCain Foods from 2004 to 2011 and was previously chief executive of Campbell from 1997 to 2000.
Russell occupies the other chief executive seat and is also its CFO. He has previously worked at investment firm Sterling Investment Partners in Connecticut and also at US investment bank Lehman Brothers, which went bankrupt in 2008 during the global financial crisis.
Twin Ridge Capital Acquisition Corp. began trading on the New York Stock Exchange yesterday (4 March) following the successful IPO, where 20 million units were offered at $10 each. The stock closed little changed on the day.
Last month, Post Holdings, the US manufacturer behind brands including Grape-Nuts and Weetabix, announced it was launching a special-purpose acquisition company to "partner" with another company in the CPG industry.
In January, Stryve Foods LLC, a US-based protein snacks firm, announced it had formed a "definitive agreement for a business combination" with Nasdaq-listed Andina Acquisition Corp. III, a blank-check acquisition company set up in 2019.
In June last year, Utz Quality Foods, one of the largest producers of savoury snacks in the US, went public after a merger with a special-purpose acquisition company set up by a former Kraft Foods executive.