Martin Franklin Plans $1 Billion-Plus Blank Check IPO

Serial dealmaker Martin E. Franklin is working with advisers to raise a new blank-check company, according to people with knowledge of the matter.

Franklin, a founder of Jarden Corp., is working withCitigroup Inc. andUBS Group AG on the potential special purpose acquisition company, or SPAC, said the people, who requested anonymity because the talks are private.

The vehicle will likely raise at least $1 billion to acquire a consumer company, one of the people said. It will probably list in the U.K., this person said.

Representatives for UBS, Franklin and Citigroup declined to comment.

The potential initial public offering would be the latest in the booming blank-check space. Merging with a SPAC has become a relatively stable way for companies to go public during a period of market volatility.

Billionaire Ron Burkle’s Yucaipa Cos. is exploring raising a SPAC, Bloombergreported last month.

Franklin has started several blank-check companies, including J2 Acquisition Ltd., which he ran with longtime partners James Lillie and Ian Ashken.

J2 last yearagreed to buyAPi Group Inc., a provider of commercial life safety solutions and specialty services. In 2015, Nomad Foods Ltd., was formed after another Franklin-led vehicle agreed to buy Igloo Foods Holdings Ltd.

Franklin in 2011 also co-founded the SPAC that eventually became Restaurant Brands International Inc., the parent of Burger King and Tim Hortons.

Read more: Ackman’s Blank-Check Company Boosts IPO Target to $4 Billion

— With assistance by Crystal Tse

Source: Read Full Article