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The New Deal Club

As bulge brackets line up behind SPACs, should PE firms start to sweat?


By Kelly Holman

December 17, 2007

Everything old is new again, as the saying goes. On Wall Street, the business of creating special purpose acquisition companies -- known better as SPACs -- has returned, and some of the names behind these companies include old hands such as Ronald Perelman, Thomas Hicks, Nelson Peltz as well as professionals from Kohlberg Kravis Roberts and Apollo Management. Nearly one out of four public offerings underwritten this year by brokerage firms -— worth some $12 billion -—have been for SPACs.

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