PRINCETON, N.J. – As the firm of choice in the Special Purpose Acquisition Company (SPAC) arena, WithumSmith+Brown, PC (Withum) has served as the auditor of record for more than $3 billion of SPAC IPOs during the past 12 months. Most recently, Withum was named the auditor of record on the two largest SPACs, GTY Technology Holdings Inc., and Conyers Park Acquisition Corp.
Backed by former EMC executives, GTY raised $552 million, inclusive of $72 million of units issued pursuant to the exercise by the underwriters of their over-allotment option in full. GTY is a blank-check company formed for the purpose of completing a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.
A private equity-backed SPAC headed by former executives of The Gillette Co. Inc. and The Hershey Co., Conyers Park raised $402 million, inclusive of $27.5 million of units issued pursuant to the exercise by the underwriters of their over-allotment option.
“Withum has been involved in over 50 SPACs, resulting in deals ranging from $50 million to more than $1 billion, demonstrating our expertise in this as well as other financial service industry verticals, including private equity and venture capital funds,” said Jay C. Shepulski, CPA, an audit partner. “Our services are valued by some of the most prominent investment banks and law firms in the industry, a testament to our 40-plus years of experience at the forefront of the alternative investment industry.”
Withum also was the auditor of record for CF Corporation, the largest SPAC IPO since the 2008 financial crisis. Backed by a former top dealmaker and executive from Blackstone Group LP and a former Fidelity National Financial Inc. chairman, CF raised $690 million with an additional $510 million committed in a private placement, bringing the total to $1.2 billion.
Based in Princeton, NJ, Withum is one of the top Non-Big-Four accounting firms in the IPO marketplace. The firm’s Financial Services Industry Group serves a diverse client base within the alternative investing industry, including hedge fund managers, private equity firms, venture capital, real estate opportunity funds, mortgage bankers, broker-dealers and regulated investment companies.
Established in 1974, Withum is an accounting, audit, tax and advisory firm committed to providing quality services and innovative solutions to businesses, non-profits, individuals and communities. The firm, through its 14 national and international-based offices that include New York City and Philadelphia operations, provides clients with the benefits of a larger organization without compromising the attention and personal service associated with a local business. Ranked among the nation’s 30 largest public accounting and consulting firms, Withum is a member of HLB International, a worldwide network of independent professional accounting firms and business advisors committed to assisting clients build and expand globally.
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