Billionaire Bill Ackman has hired mostly Black and minority-owned investment banks to handle what could be one of the biggest deals in 2020. The offering is aimed at setting a new bar of inclusiveness on Wall Street
His Pershing Square Tontine Holdings will be a New York Stock Exchange-listed special purpose acquisition corporation that will sell what’s expected to be $3 billion in equity to invest. That financing, combined with a $1 billion commitment from Pershing Square, means that the vehicle is expected to have at least $4 billion of buying power to make a major minority investment in a company, or buy one outright.
Chicago-based Loop Capital, another underwriter on Ackman’s deal, was co-founded by Black businessman James Reynolds Jr. in 1997 and is one of the largest minority-owned investment banks in America. Like CastleOak, Loop Capital is a full service investment bank with operations spanning equity underwriting, sales and trading, merger advisory, public finance and tax-exempt fixed income trading.
Veteran-owned investment banks on the deal include Academy Securities, founded by Chance Mims in 2009. Mims, a naval officer onboard the USS Sentry MCM-3 and the USS John Paul Jones DDG-53 guided missile destroyer enforcing UN sanctions against Iraq and took part in the initial strikes into Afghanistan during Operation Enduring Freedom. He is a graduate of the US Naval Academy and and the Kelley School of Business at Indiana University.
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