Ricci, Rosen Take New 'Blank Check' Firm Public

 - November 17, 2020, 12:42 PM

Directional Aviation Capital principal Kenneth Ricci, working with Resilience Capital Partners co-CEO Steven Rosen, appears poised to continue on the acquisition trail with the creation of Zanite Acquisition, a “blank check,” or special purpose acquisition company (SPAC), that is listing on the Nasdaq Capital Market and beginning to trade today with an initial public offering priced at $200 million.

The SPAC was formed for the purpose of “effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses,” the company said, adding that it plans to focus on aviation, aerospace and defense, urban mobility, and emerging technologies industries.

Zanite is offering 20 million units at $10 per one share of Class A common stock and one-half of one redeemable warrant.

Ricci has built one of the largest business aviation entities worldwide through the acquisitions of companies such as Flexjet and Sentient Jet with a reach into charter, fractional ownership, MRO, and brokerage, among other interests. Rosen, meanwhile, co-founded Resilience Capital Partners in 2001 after managing a number of transactions at Merrill Lynch. The firm has specialized in investments of companies with revenues between $25 million and $250 million in a range of industries, including aviation and aerospace.