Blank-check firm Schultze Special Purpose Acquisition Corp. II held talks to merge with Point Blank Enterprises Inc., a maker of body armor, holsters, shields and other ballistic protection products, according to people with knowledge of the matter.
(Bloomberg) — Blank-check firm Schultze Special Purpose Acquisition Corp. II held talks to merge with Point Blank Enterprises Inc., a maker of body armor, holsters, shields and other ballistic protection products, according to people with knowledge of the matter.
The proposed terms of the transaction that were discussed couldn’t be learned. No deal was finalized and talks fell apart, said one of the people, who asked not to be identified discussing confidential information.
Founded in 1973, Pompano Beach, Florida-based Point Blank Enterprises is backed by private equity firm JLL Partners. Led by Chief Executive Officer Daniel Gaston, the company provides products to clients including the US military, federal agencies and domestic and international law-enforcement professionals, according to its website.
“The company is not pursuing any such transactions at this time,” a representative for JLL Partners said in a statement.
A representative for the Schultze SPAC declined to comment. A representative for Point Blank Enterprises didn’t respond to messages seeking comment.
The Schultze SPAC, sponsored by an affiliate of Schultze Asset Management LP and led by CEO George Schultze, raised $165 million in an October 2021 initial public offering. At the time, the vehicle said it would focus on combining with a target that may be experiencing liquidity constraints, is financially stressed or has experienced or emerged from a financial restructuring.
Point Blank was sold in 2011 to Sun Capital Partners Inc. through a 363 bankruptcy sale. JLL acquired the company from Sun Capital in 2015.
(Corrects first and second paragraph with status of talks, adds statement in fourth paragraph)
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