Tastemaker Acquisition Corp., which was created to carry a promising firm to the general public market, started that course of on Friday by itemizing on the Nasdaq alternate, elevating $240 million, $40 million greater than its founders anticipated.
“There was a flattering quantity of demand, so we upsized a little bit bit,” mentioned Andy Pforzheimer Tastemaker’s co-CEO and cofounder and former CEO of Barcelona and Bartaco, which he bought to Del Frisco’s Restaurant Group. His companion in Tastemaker is Doug Tempo, former CEO of Jamba Juice Inc., and chairman of the board of Pink Robin Connoisseur Burgers Inc.
Tastemaker is a “particular function acquisition firm,” or SPAC as they’re recognized in funding circles, which, after changing into a public firm, purchases an organization that its founders suppose would profit from entry to capital markets.
Tastemaker is now within the technique of discovering such an organization in hospitality or associated sectors, akin to restaurant-related expertise, suppliers or different companies wherein its founders have experience.
“There’s a whole lot of issues that we’ve ran into in [our] 40 years every within the enterprise,” Pforzheimer mentioned.
Pforzheimer’s résumé contains stints in high-end skilled kitchens and because the first meals editor of “Martha Stewart Residing” journal. He additionally had a catering enterprise earlier than founding Barcelona with Sasa Mahr-Batuz.
Tempo is a veteran of Bloomin’ Manufacturers and in addition labored at Starbucks, Yum Manufacturers and PepsiCo.
Tastemaker has a deep bench of other foodservice experts, together with its president, Greg Golkin of funding agency Kitchen Fund, Chris Bradley of personal fairness agency Mistral Fairness Companions, restaurant funding professional Hal Rosser, former P. F. Chang’s China Bistro CEO Rick Federico, and Starlette Johnson, president of Fortunate Strike Leisure.
Tempo mentioned that, other than the potential monetary reward, Tastemaker provides the chance for him and Pforzheimer to work with an rising firm and assist facilitate its development.
“We are able to take [an] thought and actually put some topspin on it and develop it,” he mentioned.
They’re not searching for a startup, nonetheless: Their goal firm needs to be price a minimum of $400 million, the founders mentioned.
“Neither Andy nor I imagine you may repair a damaged firm in a public market,” Tempo mentioned. “You need to attempt to discover firms which can be effectively run, effectively managed, on a development trajectory and doubtlessly want capital, have to make a transition to a public firm and training and recommendation alongside the best way so as to get them on the market.”
Which means an organization with excessive development potential, good administration, a powerful tradition, a optimistic and on-trend social presence and “a shopper proposition that’s craveable,” Pforzheimer mentioned
“We’re actually searching for someone who’s an professional of what’s subsequent,” he mentioned. “They should be the corporate that in 2025 folks have a look at and say, ‘Man, keep in mind when this was only a handful of eating places?’”
He added that the pandemic has helped these ideas to face out.
“The COVID disaster is a once-in-a-lifetime alternative to look inside how these firms … operate beneath stress,” he mentioned. “How good is that this administration crew? Are folks actually going to need this sufficient to placed on masks and line up in a automotive in a car parking zone as a result of they should have this sandwich? That is actually an uncommon probability to see who’s simply been form of skating alongside for the previous six years as a result of the trade’s been doing effectively, and who’s bought one thing particular.”
Tastemaker has two years to seek out such an organization. In the event that they fail to do this, the SPAC shall be dissolved and its buyers’ cash shall be returned.
Tastemaker is simply the newest SPAC to be launched within the foodservice house. In August, &Pizza co-founder Doug Jacob and Ruby Tuesday founder Sandy Beall raised $200 million and began shopping for a quickservice company.
And Invoice Ackman of Pershing Sq. Capital Administration in July launched a $4 billion firm.
Contact Bret Thorn at [email protected]
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