ST. LOUIS – Post Holdings Partnering Corp., a business unit of Post Holdings, Inc., has formed a special purpose acquisition company (SPAC) and intends to raise $400 million to partner with a business in the consumer products space. SPACS are corporations designed to take companies public without going through the traditional initial public offering process.
Post Holdings Partnering Corp. (PHPC) will be managed by Post’s management team. Robert V. Vitale, president and chief executive officer of Post, will serve as the SPAC’s chief investment officer. Bradly A. Harper, Post’s chief accounting officer, will serve as CFO of PHPC.
SPACS reemerged in 2020 as a popular investment tool to raise capital and it has been utilized by several food companies. Collier Creek Holdings combined with Utz Quality Foods, LLC to form Utz Brands, Inc. The new company started trading on the New York Stock Exchange on Aug. 31. In early February, Stryve Foods LLC merged with the SPAC Andina Acquisition Corp. III to form Stryve Foods, Inc.