Cantor Fitzgerald SPAC To Take GCM Grosvenor Public
CF Finance Acquisition Corp., a special purpose acquisition company sponsored by Cantor Fitzgerald, is to acquire alternative investments firm GCM Grosvenor, thus taking GCM public. GCM Grosvenor's existing senior management team, led by Chairman & CEO Michael J. Sacks, will continue to lead the business. The transaction values GCM Grosvenor at $2 billion.
Upon the completion of the transaction, GCM Grosvenor management will own in excess of 70% of the equity interests of the combined company – consistent with their historic ownership level of the firm – and will continue to lead all functions of the business with the same discipline, intensity and accountability that have driven the firm's growth and success to-date. Entities affiliated with Hellman & Friedman ("H&F"), a minority investor in GCM Grosvenor since 2007, will sell their equity interest in connection with the completion of the transaction.
"We believe that becoming a publicly listed company will benefit our clients, our team members and all of our stakeholders," said Sacks. "We have long valued having external shareholders and we wanted to preserve the accountability and focus that comes with that. We thank the H&F team for their partnership and support over the years and look forward to welcoming our public shareholders in this next chapter of our 50-year corporate history."
"We have long respected the GCM Grosvenor management team, their culture and continued ability to deliver for their clients," said Howard W. Lutnick, Chairman and CEO of CFAC and Chairman and CEO of Cantor Fitzgerald. "We look forward to their growth and success as a public company."
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