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 Ein, Dyson 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.


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