August 24, 2021 – The firm represented Kensington Capital Acquisition Corp. V (KCAC V), a new special purpose acquisition company (SPAC), in its $276 million initial public offering on the New York Stock Exchange (NYSE).

Backed by Kensington Capital Partners, a New York-based private equity firm focused on the automotive industry, the SPAC announced on Aug. 12 that it would raise $240 million through the sale of 24 million units priced at $10 each. KCAC V granted the underwriters a 45-day option to purchase up to an additional 3.6 million units at the IPO price to cover any over-allotments.

KCAC V will use the proceeds to acquire a company in the North American or European industrials sector. The SPAC’s units began trading on the NYSE on Aug. 13 under the ticker symbol “KCGI.U.”

UBS Securities LLC and Stifel, Nicolaus & Company, Incorporated served as joint book running managers for the offering, which closed on Aug. 17. Robert W. Baird & Co. Incorporated served as lead manager and Drexel Hamilton, LLC and EarlyBirdCapital, Inc. served as co-managers.

The SPAC is led by Justin Mirro, CEO and chairman of Kensington Capital, and a team of auto industry veterans. Founded in 1999 by Mirro, Kensington invests in automotive and industrial companies, and publishes The Motor Weekly newsletter.

HHR also advised Kensington’s first two SPACs, Kensington Capital Acquisition Corp. (KCAC), and Kensington Capital Acquisition Corp. II (KCAC II), in each of their $230 million IPOs. KCAC used the proceeds from its offering in 2020 to merge with QuantumScape, an electric vehicle battery supplier backed by Volkswagen Group, in a deal that valued the combined company at $3.3 billion. KCAC II used the proceeds from its IPO earlier this year to enter into a transaction with Spanish electric vehicle charger maker Wallbox Chargers SL that valued the combined entity at $1.5 billion.

Chuck Samuelson led the HHR team, with key support from Jenny Graham. The team also included Gary Simon, Charlie Wachsstock, Andy Braiterman, Alan Kravitz, Justin Cohen and Andrea Castro-Mendivil. Paralegals Alexandra Hernandez and Yukari Oshita also provided assistance.