Barry Sternlicht Single Family Office Invests in Satellite SPAC IPO

Barry Sternlicht Single Family Office Invests in Satellite SPAC IPO

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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