An increasing number of family offices invest in or engages with so-called Special Purpose Aquisition Vehicles (short: SPACs). Now, satellite builder Spire goes public through a merger with the NavSight SPAC. Spire will receive $475M in cash through the deal, thereof $245M through a PIPE deal that is sponsored by BlackRock, Hedosophia and JAWS, the American single family office of renowned investor Barry Sternlicht.
Spire: Producer of nanosatellites, building a global data company
Spire Global was founded in 2012 by a team around Peter Platzer. The former startup operates a fleet of nanosatellites that are built in-house. Through the satellites, Spire can offer high-value data sets that are used by aviation companies, the weather industry, maritime firms and more. Through the company’s unique data, its users can build up a competetive advantage. It is expected that the company generates $70M in revenue this year, which is forecasted to increase to $1.2BN until 2025.
Barry Sternlicht single family office with a high SPAC affinity
Now, Spire Global is merging with the NavSigt Holdings Inc SPAC and thereby going public. The SPAC brings in $230M to the table. Furthermore, the deal is supported by a $245M private investment in public equity (PIPE) deal. Amongst the PIPE investors is the single family office of Barry Sternlicht. Sternlicht, whose net worth is estimated above $3BN, is a renowned investment that founded investment firm Starwood Capital Group. His family office is called JAWS Estates Capital. Sternlicht is a really active in the SPAC space: he already filed launched three different SPACs. The lastest, Jaws Mustang Acquisition, filed for a $750M IPO.
Sources: Reuters, Nasdaq, 03.03.2021
Picture source: Donald Giannatti
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