O’Melveny & Myers is advising Blackstone Products, a Logan, Utah-based maker of outdoor griddles, appliances and accessories, on its go public merger with a special purpose acquisition company.
Ellenoff Grossman & Schole is representing Ackrell SPAC Partners I Co. on the transaction, which is expected to close in 2022’s second quarter. The deal values the combined company, to be renamed Blackstone Products Inc., at around $900 million.
Post-close, the company expects to apply for listing on the Nasdaq under the new ticker symbol “BLKS,” according to a statement.
Blackstone Products says it has long-term relationships with key retailers, including Walmart, Lowe’s and Amazon, plus direct-to-consumer sales. It expects over $600 million in revenues in 2022.
The company expects to take in up to $281 million from the SPAC transaction, including public investment in private equity of $31 million of common stock and $111 million of convertible notes from several institutional investors led by FS Investments, the statement says.
Sidley Austin advised the placement agents.
To contact the correspondent on this story: Rick Mitchell in Paris at rMitchell@correspondent.bloomberglaw.com
To contact the editors responsible for this story: Chris Opfer in New York at copfer@bloomberglaw.com;
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