GPAC enters into merger agreement with Purple
November 14, 2017,
NEW YORK — Global Partner Acquisition Corp. said it has entered into a definitive merger agreement to combine with Purple Innovation, known in the trade as Purple.
GPAC has filed a merger proxy statement and updated investor presentation associated with the proposed business combination. This transaction will introduce Purple as a publicly listed company, with an anticipated initial enterprise value of approximately $894 million, or 2.1 times Purple’s estimated 2018 net revenue of approximately $425 million, officials said.
To date, Purple’s videos have been seen more than 775 million times across Facebook and YouTube alone with more than 550,000 fans and subscribers, the company said.
Purple recently entered into a Memorandum of Understanding with Mattress Firm whereby Purple will conduct a test of its brand and products at 40-plus Mattress Firm stores, officials said.
Global Partner Acquisition Corp. is a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination.
Deutsche Bank Securities, Piper Jaffray Companies, and Raymond James & Associates are serving as financial and capital markets advisors to GPAC. Headwaters MB LLC is serving as financial advisor to Purple.
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