SPACInsider Logo
Capitol Investment Corp. IV & Nesco Holdings Close Merger
by Kristi Marvin on 2019-08-01 at 9:10am

Capitol Investment Corp. IV (CIC) and Nesco Holdings I, Inc. (“Nesco”), a  provider of specialty rental equipment to the electric utility, telecom and rail end-markets, announced today the closing of their merger. The combined company was renamed Nesco Holdings, Inc. and the shares and warrants are expected to begin trading on the NYSE today (August 1, 2019) under the symbols NSCO and NSCO WS, respectively.

CIC shareholders elected seven directors to serve on the board of the combined company including William Plummer, who served as the CFO of United Rentals, and will now serve as Chairman of the board. Jeffrey Stoops, who has been CEO of SBA Communications Corp., has also joined the board. The additional board members include Mark EinDyson Dryden (President and CFO of Capitol), Doug Kimmelman (Senior Partner and founder of Energy Capital Partners), Rahman D’Argenio (an ECP partner), and CEO Lee Jacobson.

Nesco’s current management team, led by CEO Lee Jacobson and CFO Bruce Heinemann, will continue to run the combined company.

This combination took quite some time to actually close.  If you recall, the shareholder vote took place on July 16th, a full two weeks previously.  However, between the vote and closing, CIC had to do a $475 bond offering and waive their $265 million cash at closing condition and reset it to $200 million.  That waiver, post-vote, was technically possible to do, but whether they “should have”, is another story.  Nonetheless, as a result of this closing, we get to take another SPAC off the board and add it to the list of completed transactions.  Unfortunately, the share is currently trading below $10.00 (at $9.05, yesterday), but let’s see what this team can do.

Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC served as financial and capital markets advisors to Capitol, while Morgan Stanley & Co. LLC served as exclusive financial advisor to Nesco.  Latham & Watkins LLP and Graubard Miller acted as legal advisors to Capitol and Kirkland & Ellis LLP acted as legal advisor to Nesco and ECP.


Recent Posts
by Marlena Haddad on 2023-03-24 at 5:40pm

Latest Non-Redemption Agreements: ExcelFin Acquisition Corp. ExcelFin Acquisition Corp. (XFIN) Adds Non-Redemption Agreement In connection with the special meeting of stockholders of ExcelFin Acquisition Corp. (NASDAQ:XFIN) to extend its completion deadline from April 25, 2023 to October 25, 2023, the company and its sponsor, ExcelFin SPAC LLC, entered into a non-redemption agreement with an unaffiliated third party....

by Marlena Haddad on 2023-03-24 at 11:33am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News:  Momentus SPAC backers accused of deliberately engineering a catastrophic deal  Momentus SPAC Backers Accused of Hiding Disastrous Deal’s Flaws A Momentus Inc. (NASDAQ:MNTS) investor sued backers of its blank-check merger with a shell company,...

by Nicholas Alan Clayton on 2023-03-24 at 7:20am

DiamondHead Holdings Corp. (NASDAQ:DHHC) announced in an 8-K this morning that its shareholders approved its combination with Great Southern Homes at a special meeting March 23. Only 109,426 shares were redeemed in the connection with the vote, but DiamondHead has seen about 87% redemptions in total across all previous votes, leaving it with about $43.9...

by Nicholas Alan Clayton on 2023-03-24 at 7:05am

Graf Acquisition Corp. IV (NYSE:GFOR) announced that it has signed a non-binding letter of intent to combine with clinical-stage biopharma company NKGen. This announcement is not a pure teaser as Graf IV is not facing an imminent extension vote and currently has until May 25 on its clock. It does, however, signal something of a...

by Marlena Haddad on 2023-03-23 at 6:08pm

Oak Woods Acquisition Corporation priced its $50 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “OAKU” Friday, March 24, 2023. The SPAC intends to focus on businesses that have their primary operations in the technology-enabled healthcare services industry located in the Asia-pacific region. Oak Woods is led by...

Privacy Policy|Terms Of Use
Copyright © 2023 SPACInsider, Inc. All Rights Reserved