Alec Gores has built a SPAC machine.
The billionaire investor, who first tried his hand at the unconventional reverse-merger IPO process in 2015, has watched the market for SPACs reach a fever pitch over the last two years, The Wall Street Journal reports. As the market swelled, he became a serial SPAC backer. He has methodically created 13 SPACs, more than any other single investor.
Mr. Gores is a veteran when measured in SPAC years. He believes in the process, which had been criticized as an avenue to take sketchy companies public. His firm, Gores Group, opens its own checkbook for every deal—unlike many other SPAC investors—and sometimes even lands deals despite underbidding his competitors, he says. Read more.
