关键任务空间系统专家Redwire将通过与特殊目的收购公司（SPAC）合并在纽约证券交易所上公开公开Genesis Park Acquisition Corp（NYSE：GNPK）。
It’s anticipated that the deal will be completed during Q2 2021, valuing the newly-formed firm at around $615 million, while arming it with $170 million in liquid capital. Following Redwire’s acquisitions ofadcole空间,Deep Space Systems(DSS) and制作太空(MIS) last year, the merger could provide it with the backing needed to continue expanding on its already substantial aerospace portfolio.
In the aftermath of Redwire’s announcement, shares in the SPAC rose by more than 5% from $10.18 to $10.75, but they’ve since settled at around the $10.35 mark.
Redwire董事长兼首席执行官Peter Cannito说：“我们很高兴与Genesis Park一起进入这一业务。”“凭借其广泛的航空航天，运营和财务专业知识以及牢固的行业关系，我们相信创世纪公园是推动Redwire在公共市场增长的合作伙伴。”
Redwire的快速增长轨迹
Since it was founded by private equity firmAE Industrial Partners(AEI) in June last year, Redwire has been on something of an aerospace acquisition spree. The firm initially获得的adcole空间，DSS和MIS快速连续，之前purchasing payload developer LoadPathin December 2020, and merging them into what it called a “next generation space technology platform.”
Pooling these resources has provided Redwire with substantial in-orbit servicing, assembly and manufacturing capabilities, and allowed it to tap into a space economy that it claims could be worth $2 trillion by 2040. Already, the firm has deployed MIS’ technologies to make R&D advances by3D印刷新颖的涡轮机in-orbit, and generated significant revenue thanks to the established client bases of its umbrella firms.
In fact, ahead of its upcoming merger with Genesis Park, Redwire is projecting total revenue of $163 million for 2021, with an annual compound growth rate of 72% that would see it hit $1.4 billion by 2025. Given that the company has already conducted several mergers, it now sees itself as a “prime candidate for margin improvement” as it continues to scale its business.
Genesis Park首席执行官兼总监Paul Hobby说：“ Redwire已将自己确立为首先合并者和首选的收购方，我们认为其位置将进一步改善作为上市公司。”“我们对Redwire的增长潜力感到非常兴奋，我们期待与Peter及其团队合作，因为他们帮助迎来了这个新的太空探索时代。”
Terms of a $615 million merger
Under the terms of the merger, Redwire and Genesis Park are expected to combine by the end of Q2 2021, into a company that retains the ‘Redwire’ moniker while becoming listed on the NYSE. Cannito is also set to remain CEO of the new company, but the board will be revamped to include members from serial backers AEI, as well as Genesis Park.
根据一项计算，该计算估计到2023年的EBITDA为6400万美元，并将其乘以9.6，经过修订的Redwire的初始估值为6.15亿美元。假设Genesis Park股东没有赎回，因此预计该交易将产生1.7亿美元的资金，以帮助推动新公司的未来增长。
合并的一部分也得到了对公共权益（管道）的私人投资的支持，这将看到Senvest Managementand Crescent Park Management buy stock at $10.00 per share (or below the market rate). In doing so, the investors effectively aim to reinforce the deal against any market volatility, as well as supply $100 million of the funding total.
总体而言，该交易仍获得Genesis Park股东的批准，将使Redwire利益相关者保留对合并公司的55％控制权。根据AEI的合伙人Kirk Konert的说法，该交易实质上为Redwire提供了一种寻求新的增长机会并建立其航空航天服务套件的方法。
“As an innovative space infrastructure leader, Redwire is set to power a new age of space travel, exploration and commerce,” said Konert. “With this transaction, Redwire will have even greater opportunities to drive growth and value by delivering tailored, responsive solutions for its growing customer base across the public and private sectors.”
Some of 3D printing’s biggest firms have opted to go public via SPAC mergers rather than IPOs over the last six months, and generated substantial funding in the process.Desktop Metalseemingly set this trend in December 2020, when itwent public on the NYSE通过与Trine收购的反向合并，组成了一家合计的25亿美元公司，并筹集了5.75亿美元的资金。
Similarly,Markforgedagreed to与空白检查公司合并“一个”during February 2021, in an agreement that values the combined company at around $2.1 billion. The deal will see Markforged become listed on NYSE later this summer, and raise $425 million towards the expansion of its portfolio of products and materials.
3D打印机制造商velo3d同时，已经确认有传言称这也将是通过SPAC合并公开, as part of a deal with JAWS Spitfire Acquisition. The transaction, which is likely to go through during H2 2021, will value the combined entity at $1.6 billion while raising $500 million to fund VELO3D’s continued growth.
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Featured image shows a satellite in low earth orbit. Image via Made In Space.
