Apex Group has launched an Outsourced Special Purpose Acquisition Company (SPAC) Chief Operating Officer Solution via subsidiary Throgmorton US.
Daniel Strauss, CEO of GlassBridge Enterprises, a holding company focused on asset management opportunities, will be joining Apex in an advisory capacity to help guide and deliver the Outsourced SPAC COO Solution.
Apex and subsidiary Throgmorton understands the complexity of compliance and regulatory considerations around SPAC vehicles. These considerations now requiring even more dedicated oversight and coordination, following the accounting guidance issued by US Securities and Exchange Commission last month. The Outsourced SPAC COO Solution, part of Apex’s single-source offering, provides that support, guidance and market insights throughout the process, collaborating with the SPAC team ahead of critical deadlines. By coordinating and liaising with underwriters, counsel, auditors, and trustee and transfer agent utilities on the SPAC’s behalf, Apex allows the investment team to focus on their core aim: to deploy capital by identifying suitable targets and ultimately generating attractive returns for SPAC investors.
The Outsourced SPAC COO Solution enhances Apex’s array of services for SPAC vehicles, including transactional and ESG due diligence, custodian capabilities, directors’ and officers’ liability insurance through a dedicated partnership with AssuredPartners, enabling the delivery of a comprehensive, turnkey offering to both new and existing SPAC clients.
The Outsourced SPAC COO Solution includes:
• Financial Statement preparation and audit coordination.
• Cayman and/or Delaware company set-up services.
• Establishing bank accounts and supporting the trust arrangements required to facilitate management of funds pre-deployment.
• D&O Insurance through our partnership with AssuredPartners.
• Custody through a third-party network providing stakeholders comfort around asset safekeeping and return while business combination targets are indentified.
This announcement supplements the existing broad range of local solutions including accounting, payroll, tax and employee benefits services, together with Throgmorton’s CFO & COO Solutions, for asset managers. This further product expansion in the US under the Apex banner reiterates the Group’s ongoing intention to support clients’ successful transaction activity, both via the traditional Capital Markets Solutions offered in the US and from key Capital Markets locations in Cayman, Delaware, Dublin, Luxembourg and London, and via the expanded Throgmorton subsidiary.
Georges Archibald, Regional Managing Director and Head of Apex Americas at Apex Group, says: “With today’s rapidly evolving market conditions, it’s unsurprising that managers are turning to SPACs to take advantage of the opportunities on offer. SPACs are typically a quicker way to deploy capital, to partner with successful asset managers, and to support a growth thesis. But they also come with many, specific administrative requirements that create compliance challenges that can take over managers’ time. We understand the dynamic environment around forming and launching these vehicles and our outsourced SPAC COO solution can help SPACs to manage these requirements and the roles of various different stakeholders – but, more importantly, we remove bottlenecks to free up the sponsors and investors to focus on their key business objectives.”
Jon Hanifan, Head of Corporate Solutions, Americas at Throgmorton, says: “We’re excited to continue the expansion of our service offerings as part of the broader Apex Group with the SPAC COO Solution. Much of 2020 and early 2021 was focused on widening the reach of our business services in the North American market and this latest solution will further support our clients both in the US and further afield, as they use this structure to support their cross border expansion plans. The SPAC COO Solution builds on our growth and supports our dedication to continuing to strengthen and deliver Apex’s single-source solution to our clients.”