Manipal Group chief, Rohan Ajila launch consumer-sector focused SPAC in US

GCAC raised this week $170 million in an initial public offering listed in NASDAQ.

Rohan Ajila, a private equity veteran, and Gautham Pai, chairman of the Manipal Group, have set up a special purpose vehicle in the US for acquiring consumer companies with a "compelling Asia potential".

Global Consumer Acquisition Corp (GCAC) raised this week $170 million in an initial public offering. The company is listed on NASDAQ under the symbol “GACQU” and its management has extensive investment and cross border operator experience, according to its IPO prospectus.

“We intend to focus on global consumer companies with a significant Asia presence or a compelling Asia potential especially India” said Ajila, co-chairman and chief executive officer (CEO) of GCAC.

GCAC aims to acquire targets with enterprise value in the range of $ 500 million and $1 billion, declining to name companies it is in discussions with. “The SPAC aims to get a deal done in the next 12 months,” Ajila said, referring to special purpose acquisition company.

The GCAC team believes that the consumer industry provides a number of interesting acquisition opportunities that it can tap into through its global private equity and operator network. “Today every company is rethinking their business in terms of technology, supply chain and markets and this provides us specific opportunities” said Ajila, Managing Partner at FIDES Business Partner, a private equity firm based in Zurich. He was the Managing Partner of Capvent AG, an investment house that has invested more than a billion dollar globally over the last two decades. 

“While we may look at additional SPACs in the future, our current focus is solely on making Global Consumer Acquisition Corp a success.”