Point Blank Enterprises Inc, a maker of body armour, holsters, shields and other ballistic protection products, and a portfolio company of private equity firm JLL Partners, is in talks over a merger with blank-cheque firm Schultze Special Purpose Acquisition Corp II, according to a report by Bloomberg.
Point Blank Enterprises Inc, a maker of body armour, holsters, shields and other ballistic protection products, and a portfolio company of private equity firm JLL Partners, is in talks over a merger with blank-cheque firm Schultze Special Purpose Acquisition Corp II, according to a report by Bloomberg.
Bloomberg’s unnamed sources say that the proposed terms of the deal, which has yet to be finalised and is not guaranteed to proceed, are unknown at this time.
Point Blank Enterprises’s clients include the US military, federal agencies and domestic and international law-enforcement professionals, according to the firm’s website.
The Schultze SPAC, sponsored by an affiliate of Schultze Asset Management LP and led by CEO George Schultze, raised $165 million in an IPO in October 2021, with the intention – according to the company’s website – of combining with a target that may be “experiencing liquidity constraints, is financially stressed or has experienced or emerged from a financial restructuring”.
Sun Capital Partners acquired Point Blank via a 363 bankruptcy sale in 2011, with JLL then acquiring the business from Sun Capital in 2015.
