(Bloomberg) -- Rose Hill Acquisition Corp., the SPAC started by the young scion of a storied Texas oil dynasty and his fraternity brother, is set for its public debut after raising $125 million for a deal in Latin America.
The special purpose acquisition company sold 12.5 million units at $10 apiece in its U.S. initial public offering, it said in a statement. Units of the SPAC, run by 23-year-old Cornell alumni Albert G. Hill IV and Juan Jose Rosas, will start trading Thursday on the Nasdaq Global Market under the “ROSEU” ticker.
The pair are the latest in a string of ambitious young dealmakers seeking to challenge the Wall Street elites that have taken advantage of the SPAC boom, from hedge fund titan Bill Ackman to former Citigroup Inc. rainmaker Michael Klein. Blank-check companies have already raised $132 billion from IPOs in New York this year, according to data compiled by Bloomberg.
Hill is the great-great-grandson of oil baron H.L. Hunt, a gambling man who turned to the energy business and built his fortune in the 1930s as a wildcatter in east Texas. The tycoon’s sprawling family has been called the real-life analogue to the hit TV show “Dallas,” and Life magazine declared in 1948 that Hunt might be America’s richest person.
Hill and Rosas, a former pro junior tennis champ from Peru, played sports together at Cornell and were members of the Delta Upsilon fraternity. They both spent time at Chardan Capital Markets LLC, a boutique advisory firm that’s carved out a niche arranging listings of SPACs.
The duo are getting discounted stock that should help them profit handsomely from a successful deal. They’re among more than a dozen people aged 30 and below who have been named as executives or board members at blank-check companies that filed listing plans since the start of June, according to data provider SPAC Research.
Rose Hill Acquisition’s financial backers include Cohen & Co. and Chile’s Ameris Capital. Board members include a former executive at a top Brazilian fund manager, veterans of Banco Santander SA and UBS Group AG, and the ex-CEO of one of Peru’s largest business groups.
Cantor Fitzgerald LP arranged the offering.
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