'Justice' Will Not Be Denied


Big money—and big names—are behind a new buyout firm called Justice Holdings.

Justice holdings, a special-purpose acquisition company (SPAC), has just raised £900 million, which is just under $1.5 billion.

The company has three founders: Bill Ackman, the principal investor and founder of the hedge fund Pershing Square Capital Management. Martin E. Franklin, the British born Chairman of the Jarden Corporation, who has numerous private equity investments. And, finally, Nicolas Berggruen, the billionaire pan-European hedge fund manager—who allegedly gave up all his worldly possessions and took up residence in a series of hotels.

Joseph Cotterill reports in The Financial Times Alphaville today that Justice Holdings intends to pursue the acquisition of target companies with an enterprise value of up to about $11 billion. (Which would seem to imply taking on leverage at greater than 5 to 1 ratios.)

Cotterill describes the board as "star-studded"—including "a former UK financial services secretary, Dr Doom, and a Portuguese aristocrat who drives racing cars."

Sounds like a fun crowd.

With a roster like that—and so much ready money—look forward to seeing the name Justice in the headlines soon.


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