Blank-Check IPO: Trian Acquisition I Corp.

Trian Acquisition I Corp. (TUX.U) is a newly-formed SPAC who's management team previously owned and operated companies including Triangle Industries, Snapple Beverage Group and Arby's Restaurant Group.

Please note that SPACS have recently been criticized for underperformance.

All quotations are from the company's most recent S-1 filings with links provided.

Business Overview (from prospectus)

We are a newly organized blank check company formed under the laws of the State of Delaware for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more domestic or international operating businesses or assets, which we refer to as our business combination. Our efforts in identifying prospective target businesses will not be limited to a particular industry or group of industries. We do not have any specific business combination under consideration and we have not (nor has anyone on our behalf) contacted any prospective acquisition candidate or had any discussions, formal or otherwise, with respect to such a transaction. To date, our efforts have been limited to organizational activities as well as activities related to this offering.

Offering: 75.0 million shares at $10.00 per share. Net proceeds of approximately $729,350,000 will be will be placed in a trust account maintained by Wilmington Trust Company until the consummation of a business combination.

Lead Underwriters: Deutsche Bank, Merrill Lynch

Financial Highlights:

We have neither engaged in any operations nor generated any revenues to date. Our only activities since inception have been organizational activities and those necessary to prepare for this offering. Following this offering, we will not generate any operating revenues until after consummation of our business combination. We will generate non-operating income in the form of income on cash and cash equivalents after this offering. There has been no significant change in our financial or trading position and no material adverse change has occurred since the date of our audited financial statements. After this offering, we expect to incur increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses. We expect our expenses to increase substantially after the closing of this offering.

Competition:

In identifying, evaluating and selecting a target business for a business combination, we may encounter intense competition from other entities having a business objective similar to ours, including other blank check companies, private equity groups and leveraged buyout funds, and operating businesses seeking strategic acquisitions. Many of these entities are well established and have extensive experience identifying and effecting business combinations directly or through affiliates. Moreover, many of these competitors possess greater financial, technical, human and other resources than us. Our ability to acquire larger target businesses will be limited by our available financial resources. This inherent limitation gives others an advantage in consummating a business combination.

Additional Resources:

• Marketwatch.com: Peltz's 'Trian Acquisition I Corp . changes symbol to TUX'
• Reuters: 'Peltz jumps on "blank check" IPO bandwagon'
• Reuters: 'Blank-check IPOs end 2007 on record note'

Comments

[sweitz]

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