Nightcap: Chamath, atypically quiet as of late, is letting his SPACs do the talking

Launched in 2011, Inspirato is the innovative luxury travel subscription brand that provides affluent travelers access to a managed and controlled portfolio of hand-selected vacation options, delivered through a subscription model to ensure the service and certainty that affluent customers demand. The Inspirato Collection includes branded luxury vacation homes available exclusively to subscribers and guests, accommodations at five-star hotel and resort partners, and custom travel experiences. In 2019, Inspirato improved travel by introducing Inspirato Pass, the world’s first luxury travel subscription inclusive of nightly rates, taxes, and fees.

Bowlero Corp., an owner and operator of bowling centers, agreed to go public through a merger with blank-check company Isos Acquisition Corp. (ISOS: $9.88) in a deal valuing the combined entity at $2.6 billion, according to people familiar with the matter.

The transaction includes a $450 million private investment in public equity, or PIPE, from investors including funds managed by Apollo Global Management Inc., Brigade Capital Management, Soros Fund Management LLC, Donerail Group LP and Wells Fargo Asset Management, said the people, who asked not to be identified because the information was private. The combined company will trade on the New York Stock Exchange under the symbol BOWL, the people said.

Bowlero, with 300 centers in North America, is seeking to expand through acquisitions, upgrades and development of greenfield locations. The company, led by Chief Executive Officer Tom Shannon, is also eyeing growth opportunities through gamification and sports betting, the people said.

FreeWire Technologies Inc., an electric-vehicle charging and power startup, is in talks to go public through a merger with DHC Acquisition Corp. (DHCA: $9.70), a blank-check firm, according to people with knowledge of the matter.

DHC is discussing raising new equity to support a transaction, which is slated to value the combined entity at more than $1 billion, one of the people said. As with all deals that aren’t finalized, terms could change and it’s possible talks could fall apart.

Representatives for FreeWire and DHC didn’t immediately have a comment.

San Leandro, California-based FreeWire, led by Chief Executive Officer Arcady Sosinov, makes chargers that include embedded batteries for energy storage to avoid straining power grids. Its products can fully charge an EV battery in 20 to 30 minutes.

In January, the company said it raised $50 million in a round led by energy-focused private equity firm Riverstone Holdings, the venture arm of BP Plc, Energy Innovation Capital, Trirec and Alumni Ventures Group.

The company’s products are used to charge electric vehicles and power events and construction sites, its website shows. It has said it aims to have more than 2,500 ultrafast charging stations by 2025, and has an agreement with BP to install chargers in the U.K. The company in May named Michael Beer, a former Luminar Technologies Inc. executive, as chief financial officer.

Billionaire Tilman Fertitta’s deal to take much of his Fertitta Entertainment Inc. empire public through a merger with a special purpose acquisition company has been expanded to include Catch Hospitality Group, Galveston Island Historic Pleasure Pier and Mastro’s Restaurants, according to people with knowledge of the matter.

The transaction with Fast Acquisition Corp. (FST: $11.81) will also add Aquarium restaurants and steakhouse chain Vic & Anthony’s, said the people. The combined entity will be valued at about $8.6 billion, including debt, up from $6.6 billion in the original deal announced in February, the people said.

The enhancements were fueled in part by a recovery in spending at restaurant and entertainment-related venues amid the U.S. vaccine rollout, one of the people said. Fertitta -- chairman, president and chief executive officer of the combined company -- will own about 72% of the merged company, up from 60%, the people said.

According to Tilman J. Fertitta, "the contribution of the new business assets greatly improves the Company's operating cash flow, provides better assets for organic growth, and significantly deleverages the Company as no incremental debt is being incurred by the Company as part of the revised transaction.  Since the rollout of covid vaccinations, the operating results of the incremental assets have been so strong, I decided that I should be focused all in on the Company as I see opportunities for a significant acquisition that would not otherwise be available to the Company without this revised transaction.  We were a great company before and now even better today."

TPG, one of the last of the original private-equity giants to remain a closely held partnership, is evaluating a public listing, people familiar with the matter said.

The firm is considering a straightforward initial public offering and a merger with a special-purpose acquisition company, with the former being the most likely route, the people said. Such a deal could value the California-and-Texas firm at about $10 billion, some of the people said.

The process is still in its early stages and TPG may not opt to proceed with any deal.

TPG, with nearly $100 billion in aassets under management, has flirted with an IPO multiple times, only to end up balking while rivals forged ahead. Blackstone Group Inc., Apollo Global Management Inc., KKR & Co. and Carlyle Group Inc. went public years ago, transforming businesses that have enjoyed rapid growth as the industry is flooded with assets.