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Purple’s Founders Form SPAC

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It must be a great time to make acquisitions because special purpose acquisition companies (also known as SPACS or blank check companies) continue popping up, and many are connected to the mattress industry.

We previously reported on the mysterious blank check company Casper’s CEO is involved with, and now Terry Pearce and Tony Pearce, co-founders of Purple Innovation, and Daniel Webb, a former Bank of America tech investment banker, have created a blank check company of their own.

The Pearce brothers will serve as co-chairman and Webb will serve as CEO of the new company, dubbed Worldwide Webb Acquisition Corp.

The SPAC is aiming to raise $300 million and “target global internet-related companies, including those that focus on direct-to-consumer retailing, marketplaces and digital health,” according to an article by Yahoo Finance.

Paperwork for an official public offering is expected to be filed in the coming weeks.

With Purple being the second online mattress company involved in a blank check company, could this become a trend?

We’ll keep our eyes and ears open. And as always, you can listen to the latest news first, right here, on The FAM. 

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