Fertitta blank-check company raises $316M
Houston billionaire Tilman Fertitta has raised more than $316 million through a blank-check company for a future business deal.
The hospitality mogul, owner of the Houston Rockets and star of the CNBC show “Billion Dollar Buyer” partnered with New York-based Jefferies Financial Group to create a special-purpose company called Landcadia Holdings II to raise cash for a future acquisition. The Houston company began trading Tuesday on the Nasdaq Capital Market under ticker symbol “LCAHU, offering 27.5 million shares at $10 each with the option to offer an additional 4.13 million shares at $10 each. The offering closed Thursday.
The partners said in public filings they are looking to acquire, merge, buy stock or combine with another business in the restaurant, hospitality, entertainment and gaming industries, including technology companies operating in those sectors.
Landcadia Holdings II — whose name is derived from Fertitta-owned Landry’s and Leucadia National Corp., Jefferies’ previous name — is the second blank-check company from the partnership. In 2016, Fertitta and Handler raised $250 million through Landcadia Holdings, which was used to acquire food delivery startup Waitr in November 2018 for $308 million.