(Bloomberg) — VMG Partners, a private equity firm that makes bets on consumer and retail brands, hired former Goldman Sachs Group Inc. banker Aarti Kapoor to lead a new special purpose acquisition company effort, according to people with knowledge of the matter.
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The San Francisco-based firm, known for its investments in beverage maker Spindrift, nut-butter specialist Justin’s and KIND snacks, is working with advisers including Credit Suisse Group AG and Moelis & Co. on an initial public offering of its first SPAC, the people said.
The vehicle, known as VMG Consumer Acquisition Corp., has confidentially filed paperwork with the Securities and Exchange Commission ahead of a listing in which it’s seeking to raise around $200 million, one of the people said.
The VMG SPAC will target a combination with a high-growth company in the consumer and retail sectors, which includes the food, beverage, household, beauty, pet, health and wellness industries, among others, the people said.
Representatives for VMG, Credit Suisse and Moelis declined to comment.
The blank-check firm’s board is set to be comprised of executives including VMG co-founder Mike Mauze, who will be chairman; Walt Disney Co.’s Lowell Singer; and Original Bark Co. Chief Financial Officer John Toth, one of the people said. Its advisory board is slated to include Revolve Group Inc. CFO Jesse Timmermans; Hims & Hers Health Inc. chief operating officer Melissa Baird; former Apple Inc. executive Amy Ferris; and Artsy Chief Executive Officer Mike Steib.
VMG is funding its interest in the SPAC through its fourth fund, known as VMG Partners IV, one of the people said.
Other consumer-focused SPACs have been raised by firms including Cavu Venture Partners and Lion Capital. After a period of record issuance, SPAC IPOs began to slow in the second quarter of this year following a U.S. regulatory crackdown on accounting rules and closer scrutiny of transactions.
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