Capitol Investment Corp. IV & Nesco Holdings Close Merger
by Kristi Marvin on 2019-08-01 at 9:10am

Capitol Investment Corp. IV (CIC) and Nesco Holdings I, Inc. (“Nesco”), a  provider of specialty rental equipment to the electric utility, telecom and rail end-markets, announced today the closing of their merger. The combined company was renamed Nesco Holdings, Inc. and the shares and warrants are expected to begin trading on the NYSE today (August 1, 2019) under the symbols NSCO and NSCO WS, respectively.

CIC shareholders elected seven directors to serve on the board of the combined company including William Plummer, who served as the CFO of United Rentals, and will now serve as Chairman of the board. Jeffrey Stoops, who has been CEO of SBA Communications Corp., has also joined the board. The additional board members include Mark EinDyson Dryden (President and CFO of Capitol), Doug Kimmelman (Senior Partner and founder of Energy Capital Partners), Rahman D’Argenio (an ECP partner), and CEO Lee Jacobson.

Nesco’s current management team, led by CEO Lee Jacobson and CFO Bruce Heinemann, will continue to run the combined company.

This combination took quite some time to actually close.  If you recall, the shareholder vote took place on July 16th, a full two weeks previously.  However, between the vote and closing, CIC had to do a $475 bond offering and waive their $265 million cash at closing condition and reset it to $200 million.  That waiver, post-vote, was technically possible to do, but whether they “should have”, is another story.  Nonetheless, as a result of this closing, we get to take another SPAC off the board and add it to the list of completed transactions.  Unfortunately, the share is currently trading below $10.00 (at $9.05, yesterday), but let’s see what this team can do.

Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC served as financial and capital markets advisors to Capitol, while Morgan Stanley & Co. LLC served as exclusive financial advisor to Nesco.  Latham & Watkins LLP and Graubard Miller acted as legal advisors to Capitol and Kirkland & Ellis LLP acted as legal advisor to Nesco and ECP.

 

Recent Posts
by Nicholas Alan Clayton on 2024-03-28 at 1:35pm

News and Rumors PR: Bannix (NASDAQ:BNIX) has provided more information on the combination with VisionWave that it announced yesterday, specifying that the imaging technology that VisionWave will acquire from GBT Technologies will primarily seek out applications in military combat scenarios and geological surveys. PR: Grove Collaborative (NYSE:GROV), which combined with Virgin Group II in June...

by Nicholas Alan Clayton on 2024-03-28 at 7:47am

At the SPAC of Dawn Fed Chair Jerome Powell has given new hints that the administration would be showing greater levels of comfort with inflation if a cut could help improve unemployment numbers. Those numbers could get an update today at 8:30 am ET to bring new jobless claims as well as final prices for...

by Nicholas Alan Clayton on 2024-03-27 at 1:31pm

News and Rumors CNBC: Former WeWork (OTC Pink:WEWKQ) founder Adam Neumann has offered to buy back control of the company for $500 million but has yet to secure the necessary financing. WeWork went public with BowX in October 2021. PR: Satellite telecom firm Spire Global (NYSE:SPIR) has signed an agreement to build and launch two...

by Nicholas Alan Clayton on 2024-03-27 at 11:38am

Bannix (NASDAQ:BNIX) has entered into a definitive agreement to combine with VisionWave Technologies for $30 million. The combined company is expected to trade on the Nasdaq once the deal is completed with an initial outside date of September 14. Transaction Overview Bannix has about $17 million in its trust after seeing 77.4% of its shares...

by Nicholas Alan Clayton on 2024-03-27 at 7:33am

At the SPAC of Dawn Much of the attention yesterday was on tracking the swings of the newly-completed Trump Media (NASDAQ:DJT) deal with the FT going as far to suggest it may “make SPACs great again.” Not all of the day’s data points were on the positive side of the ledger, however. IB Acquisition Corp....

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved