Another blank check company, Services Acquisition Corp. International, filed an S-1 last week. The underwriter is Broadband Capital Management. The units, to be priced at $8.00 per unit, will consist of one share and one warrant to purchase an additional share at $6.00 per share.
Services Acquisition Corp. International – STILL IN REGISTRATION
Number of units being registered: 5,000,000
Proposed price per unit: $8.00
Terms of deal: One share of common stock and a warrant to purchase one share of common stock at $6.00 per share.
Underwriters: Broadband Capital Management LLC
Proposed ticker symbols
Common stock: Not known
Warrants: Not known
Units: Not known
Common shares to be outstanding subsequent to IPO: 6,250,000
Shares to be held by public shareholders: 5,000,000
Shares held by insiders: 1,250,000
Percentage held by public shareholders: 80.0%
Gross proceeds being raised: $40,000,000
Net proceeds to be held in escrow: $36,400,000
Escrowed proceeds per share applicable to future public shareholders: $7.28
Date of IPO: N/A
Date of original filing: February 14, 2005
Current stock price
Common stock: N/A
Warrants: N/A
Units: N/A
Description of business: We are a blank check company organized under the laws of the State of Delaware on January 6, 2005. We were formed to acquire, through a merger, capital stock exchange, asset acquisition or other similar business combination with a currently unidentified operating business. To date, our efforts have been limited to organizational activities. Our efforts in identifying a prospective business target will not be limited to a particular industry, although we intend to focus on service businesses in one of the following sectors: business, healthcare or consumer services. We intend to initially focus our search on service businesses in the United States, but will also explore opportunities in international markets that are attractive to us.
Biographical information for significant officer: Steven R. Berrard has been our chairman of the board and chief executive officer since our inception. Mr. Berrard has served as Managing Partner of New River Capital Partners, a private equity fund, which he co-founded, since 1997. Prior to co-founding New River Capital Partners, from 1996 to 1999, Mr. Berrard was the co-founder and Co-Chief Executive Officer of AutoNation, Inc., the nation's leading automotive retail company. When Mr. Berrard left AutoNation in 1999, the operations of AutoNation included more than 400 automotive dealerships, National Car Rental, Alamo Rent-A-Car and Car-Temps U.S.A. In three years, Mr. Berrard guided AutoNation from a fledgling enterprise to the 83rd largest company on the 1999 Fortune 500 with over $20 billion in revenue. During his time at AutoNation, Mr. Berrard was also instrumental in the growth (both organic and via acquisition) of the automotive businesses, but also of the company's alarm monitoring and waste disposal business units; the alarm monitoring business was sold in 1997 for $610 million, the waste disposal business was sold to shareholders in 1999 as Republic Services, which today is a publicly traded company with a market capitalization in excess of $4.9 billion.
Prior to joining AutoNation, from 1987 to 1996, Mr. Berrard served as President and Chief Executive Officer of the Blockbuster Entertainment Group, and as a member of the Board of Directors of Viacom, Inc. As President and Chief Executive Officer, Mr. Berrard was responsible for the direction and operation of more than 70,000 employees at 4,500 Blockbuster stores located in 20 countries, Showtime Networks, Spelling Entertainment Group, Paramount Parks, and Virgin Interactive Entertainment.
Prior to his tenure with Blockbuster, Mr. Berrard served as President of Huizenga Holdings, Inc., and served in various positions with subsidiaries of Huizenga Holdings, including Waco Leasing Company and Port-O-Let International, Inc., where he was President, Chief Financial Officer, Treasurer and Secretary. Prior to joining Huizenga Holdings, Mr. Berrard was employed by Coopers & Lybrand.
Mr. Berrard earned his BS in Accounting from Florida Atlantic University and is a member of the Board of Directors of HealthSouth (Audit Committee and Chairman of the Finance Committee), and Swisher International, Inc. He has also served on the Board of Birmingham Steel prior to its sale in 2002 as well as the Board of Boca Resorts, Inc. prior to its sale to the Blackstone Group in December 2004. In 2001, Governor Jeb Bush appointed Mr. Berrard as a Commissioner of the North Broward Hospital District where he serves as Chairman of the Finance Committee, the Management Information Systems Committee and the Pension Committee.
SEC filings: sec.gov |
