Earlier Seeking Alpha Analysis: ClearFish Research, in a word says 'blah'. Read the full analysis.
Business (from Prospectus):
We are a leading provider of print procurement solutions to corporate clients in the United States. Utilizing our proprietary technology and database, as well as our extensive domain expertise, we create a competitive bid process to procure, purchase and deliver printed products as part of a comprehensive outsourced enterprise solution and in individual transactions. Our technology is designed to capitalize on excess manufacturing capacity and other inefficiencies in the traditional print supply chain to obtain favorable pricing and to deliver high-quality products and services for our clients.
Underwriters: Morgan Stanley is the lead manager; co-managers are Jefferies, Piper Jaffray, William Blair
Offering Details: 10.6 million shares are being offered, 3.5 million of which are from insiders. The offering range is $8-9 per share. The company expects mid-range net proceeds of $54 million to function OPEX, but $7 million will go to dividend payments to preferred shareholders, and $2.5 million to pay off an existing line of credit.
We were formed in 2001 and commenced operations in 2002. From our inception through December 31, 2005, we served over 1,100 clients, received approximately 96,000 bids and executed approximately 26,000 print jobs through over 1,100 suppliers. We have increased our revenue from $5.0 million in 2002 to $76.9 million in 2005, representing a compound annual growth rate of 148%. In 2005, our revenue was $76.9 million, compared to $38.9 million in 2004. For the six months ended June 30, 2006, our revenue was $57.6 million, compared to $31.2 million for the six months ended June 30, 2005.
Earlier Seeking Alpha Analysis: David Phillips asks how sound an investment Special Purpose Acquisition Companies are.
Business (from Prospectus):
We are a blank check company organized under the laws of the State of Delaware on April 27, 2006. We were formed to acquire a currently unidentified operating business or several operating businesses through a merger, stock exchange, asset acquisition, reorganization or similar business combination, which we refer to throughout this prospectus as a business combination. To date, our efforts have been limited to organizational activities as well as activities related to this offering.
Our efforts in identifying prospective target businesses will not be limited to a particular industry. Instead, we intend to focus on various industries and target businesses in the United States and Western Europe that may provide significant opportunities for growth. We have not identified particular industries and/or types of businesses that may provide such growth opportunities.
We will seek to capitalize on the significant private equity investing experience and contacts of our chairman and chief executive officer, Michael S. Gross. Mr. Gross has over 18 years of experience in the private equity, distressed debt and mezzanine lending businesses and has been involved in originating, structuring, negotiating, consummating and managing private equity, distressed debt and mezzanine lending transactions. He is a founder and a former senior partner of Apollo Management, L.P., a leading private equity firm. Since its inception, Apollo Management, L.P. has invested more than $13 billion in over 150 companies in the United States and Western Europe.
Underwriters: Citigroup is the lead manager; Ladenburg Thalmann and UBS are co-managers.
Offering Details: 37.5 million units (one share and one warrant each) at $8 per unit for a total raise of $300 million.