E2open acquired by SPAC; logistics software provider will convert to public company – FreightWaves

E2open acquired by SPAC; logistics software provider will convert to public company – FreightWaves

Through a complex series of financial transactions, supply chain software provider E2open is going to become a publicly traded company with a significant chunk of its ownership in the hands of a special purpose acquisition company.

That SPAC is CC Neuberger Holdings 1, a joint entity put together by the Wall Street firm of Neuberger Berman and CC Capital. CC Neuberger Holdings 1 had an IPO earlier this year to raise money for acquisitions that could lead to deals like it is doing with E2open. That IPO was what is known as a “blank check” IPO, in which funds are raised from investors with plans to use them profitably down the line; the managers at the time of the IPO do not have firm acquisition targets that they disclose to investors.

CC Neuberger Holdings 1 did become a public company through the IPO and now it will be transformed into E2open Parent Holdings. (There is also a CC Neuberger Holdings 2 that is not impacted by this transaction.) The previous New York Stock Exchange symbol for CC Neuberger Holdings 1 was PCPL. The newly traded entity will be ETWO.

In an audio presentation to investors, Chinh Chu, the founder and CEO of CC Capital, said the company seeks out investing in the “highest quality companies with high barriers to entry and protected on the downside, with an asymmetric upside.” “I’m pleased to say E2open fits all those characteristics,” he said.

In a presentation on the company’s financials, E2open CFO Jarett Janik said
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