Churchill Capital Corp VII — SPAC Merger (January 2024)
76 slides from Churchill Capital Corp VII's SPAC merger presentation, Jan 25, 2024
Slide 1: January 2024 Analyst Day Presentation
January 2024 Analyst Day Presentation
Slide 2: Disclaimer
2 This presentation is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a proposed business combination (together with the related transactions, the “proposed transaction”) between CorpAcq Holdings Limited (“Co
Slide 3: Forward-looking statements and financial information
3 CorpAcq and Churchill anticipate that subsequent events and developments will cause CorpAcq’s and Churchill’s assessments to change. However, while CorpAcq and Churchill may elect to update these forward looking statements at some point in the future, CorpAcq and Churchill specifically disclaim an
Slide 4: Additional information and where to find it
4 Before making any voting or other investment decisions, Churchill’s stockholders and warrantholders and other interested persons are advised to read (i) the Registration Statement and any amendments thereto, (ii) once available, the definitive proxy statement/prospectus, in connection with Churchi
Slide 5: Presenters: Simon Orange, David Martin, Michael Klein
5 Simon Orange David Martin Michael Klein CorpAcq Churchill • Established CorpAcq in 2006 • Also a Founder, Investor, and Director of BOL Foods, a company supplying food products to major retailers • Joined CorpAcq as the Finance Director in 2007 and was appointed as Chief Executive Officer in 2011
Slide 6: Agenda
6 Approx. Timing Section Session Page Presenter 12:30 – 12:50 1 Introduction 7 Simon Orange Michael Klein 12:50 – 1:10 2 CorpAcq Overview 12 Simon Orange David Martin 1:10 – 1:30 3 Acquisition Strategy 25 Stuart Kissen 1:30 - 1:50 4 Select Case Studies 34 Simon Orange David Martin Stuart Kissen 1:50
Slide 7: Introduction
CHURCHILL | CAPITAL VII Corp Of Introduction
Slide 8: CorpAcq: A Diversified Compounder Delivering Strong, Profitable Growth
8 CorpAcq: A Diversified Compounder Delivering Strong, Profitable Growth 1 Founder-led, scaled compounder targeting profitable UK SMEs(1) Diversified and growing portfolio of 42 established businesses(2) Cash generative with ~£126mm of Adj. EBITDA(3) in 2023E Coveted “Preferred buyer” status with ta
Slide 9: Churchill Capital: A Leader in Listed Equity Growth Vehicles
9 Aligned interests and complementary skills to CorpAcq Strong and experienced leadership team Extensive connections globally Infrastructure and sourcing platform to accelerate growth and enhance value Strong shareholder alignment Churchill Capital: A Leader in Listed Equity Growth Vehicles 2 Source
Slide 10: Combined: A Compelling Opportunity to Own a Differentiated Growth Story
10 Combined: A Compelling Opportunity to Own a Differentiated Growth Story 3 Optimized capital structure through leverage reduction and additional cash to balance sheet Significant firepower to facilitate increased capital deployment and acquisition pace Potential opportunity to pay a regular divide
Slide 11: Historical Roadmap for Compounding Free Cash Flow & Dividend Growth
11 Historical Roadmap for Achieving Compounding Free Cash Flow & Dividend Growth Organic EBITDA Growth Long-Term EBITDA Growth Attractive M&A Platform Strong Free Cash Flow(1) Growth & Dividend(2) Potential Combining its diversified portfolio of stable companies and a low-risk, high cash return acqu
Slide 12: CorpAcq Overview
CHURCHILL CAPITAL VII Corp. CorpAcq Overview
Slide 13: The CorpAcq Platform Today
13 Current Key Company Statistics(1) 42 Total Subsidiaries 46 Companies Acquired 3 Sold at Strong Returns(2) 4 Management Changes ~£669mm LTM Revenue The CorpAcq Platform Today >30 Years Average Age of Subsidiaries Source: CorpAcq Management. Note: Financials based on IFRS audits. LTM financials as
Slide 14: History of Portfolio Build-Up
14 History of Portfolio Build-Up 2007-12 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 5 1 1 4 6 2 8 5 - 2 3 5 Paused acquisitions during Covid to focus and invest in portfolio companies Services Solutions The CorpAcq Acquisition Engine Source: CorpAcq Management. Average historical acquisi
Slide 15: CorpAcq Engine For Value Creation
15 CorpAcq Engine For Value Creation The CorpAcq Growth Model Stable, Cash-Generative Companies h Consistent and Accretive Acquisition Engine h Source: CorpAcq Management.
Slide 16: Low-Risk Strategy to Drive Value Creation
16 Help drive organic growth Retention of founders and management teams Stable and profitable companies with proven track records “Preferred buyer” status in the market Low-Risk Strategy to Drive Value Creation Value creation ability refined since 2006, turning CorpAcq into a well-oiled acquisition
Slide 17: Diversified Portfolio of Strong UK SMEs
17 Select End Markets Served 42(2) Portfolio companies and management teams Diversification helps mitigate overall portfolio risk as no end market contributed more than 17% of total LTM revenue(1) Business & Management Diversity Residential Infrastructure Non-Residential Manufacturing Retail & E-Com
Slide 18: Subsidiaries overview
18 Subsidiary Founded Acquired Description 1987 2018 • E-Commerce clothing and footwear retailer • Specializes in casual wear and rugby apparel 2000 2016 • Group of sub-contracting manufacturers • Specializes in machining, sheet metal, and electroplating 2005 2019 • Provider of construction equipmen
Slide 19: CorpAcq Organizational Overview
19 Simon Orange Chairman David Martin CEO Nick Cattell CFO Steve Scott COO Stuart Kissen Acquisitions Finance Operations Deal generation / acquisition team Administration Property and Leasing Health and Safety Purchasing Investor Directors Portfolio Companies Allows founders and management teams to
Slide 20: How CorpAcq Helps in Professionalizing Businesses and Ensures Proper Governance
20 • Group consolidation • Reports to Board of Directors • Capital allocation policy M&A Process Onboarding Monthly Reporting Pack Budgeting P&L KPIs Board Update Onboarding and Post-Acquisition Support How CorpAcq Helps in Professionalizing Businesses and Ensures Proper Governance Appointment of In
Slide 21: Robust Financial Reporting Process Implemented Post-Acquisition
21 Robust Financial Reporting Process Implemented Post-Acquisition Standardized onboarding process allowing for reliable monitoring and responsive support for portfolio companies Key Activities • Implementation of reporting frameworks and resource optimization • Investor Director appointed to Board
Slide 22: UK is a Large and Attractive Market
22 UK is a Large and Attractive Market Large And Growing Market in the United Kingdom Favorable UK Trends for CorpAcq The United Kingdom market is underpinned by favorable industry trends that provide significant white space for growth ~£2.5tn 2022 GDP 4.5% 2022 – 27E Nominal GDP CAGR 3.7% 2022 Unem
Slide 23: Diversified Portfolio Provides Protection Against Macroeconomic Movements
23 CorpAcq’s portfolio companies have delivered strong performance across economic cycles Stable “micro-economies” Northern UK-focused local champion Limited effect from Brexit Minimal international trade Insulated against FX movements GBP revenues and costs Resilient, essential end-markets Long his
Slide 24: CorpAcq Overview – Key Takeaways
24 • Track record of value creation since 2006 • Acquires well-established and profitable companies • Retains brand legacy and teams CorpAcq Overview – Key Takeaways • Portfolio of 42(1) businesses • Diversification helps mitigate risk through cycles • Serves resilient end-markets • Insulated agains
Slide 25: Acquisition Strategy
25 CHURCHILL | CAPITAL VII Corp Acquisition Strategy
Slide 26: What Makes CorpAcq the Preferred Buyer?
26 ~17 years(1) Average length of current management teams in place at select subsidiaries ~80%(2) Retained owner managers at acquisition still actively engaged in business ~95%(3) At least one member of underlying management still in place across portfolio post-acquisition CorpAcq’s value propositi
Slide 27: Tried and Tested M&A Playbook
27 # of companies in CorpAcq’s existing sectors(1,2) >90k Large Total Addressable Market Established Acquisition Strategy ✓ Proprietary sourced, off-market acquisition opportunities ✓ Target strong companies with long trading histories ✓ Leverage strong network of referrals and large broker network
Slide 28: CorpAcq's Key Acquisition Criteria
28 Mature and stable businesses with long trading histories Opportunity to acquire complete ownership or majority stake UK-based companies Ability to achieve 20% annual cash returns on cash invested from Day 1(2) EBITDA in the range of £1mm – £25mm(1) Target EBITDA margin >15% and high cash-generati
Slide 29: CorpAcq's Acquisition Structure Focuses on Lowering Risk and Driving Returns
29 Acquisition Structure Benefits Acquisition Cost (Mid-Single Digits EV / EBITDA multiple) Entry to public markets can provide the potential for equity-linked compensation to help drive returns Illustrative Sample Acquisition Structure Ability to drive +20%(1) annual cash return on cash investment
Slide 30: Acquisition process
30 Confirmatory items and transaction close Target identification Detailed due diligence Approach and initial proposal Term sheet Key Activities • Business position and ability to meet financial criteria • Outside-in view of competitive position • Understanding of founder / management motivation • T
Slide 31: Future Acquisition Pipeline Continues to Expand
31 Current Prospects Active Dialogue Advanced Discussion £104mm Adj. EBITDA £39mm Adj. EBITDA 18 companies 10 companies £271mm Adj. EBITDA 55 companies Future Acquisition Pipeline Continues to Expand Source: CorpAcq Management. (1) Pipeline status is as of 12/31/2023 and reflects prospective acquisi
Slide 32: Long-Term Opportunity to Scale Up the Model
32 Opportunity Set Over Time Larger UK Opportunities with International Footprint US Expansion UK Core Opportunities Source: CorpAcq Management. Long-Term Opportunity to Scale Up the Model
Slide 33: Acquisition Strategy – Key Takeaways
33 Acquisition Strategy – Key Takeaways • CorpAcq’s value proposition differentiates it from trade and strategic buyers, as well as private equity • Aligned interests leads to high retention of founders and management teams • CorpAcq’s market knowledge and reputation drives high-quality deal flow •
Slide 34: Select Case Studies
CHURCHILL | CAPITAL VII Corp Select Case Studies
Slide 35: CorpAcq Support Helps Drive Top-Line Growth and Margin Expansion
35 Business Expansion Portfolio Effect Efficiency Improvement Strategic plan development Bolt-on acquisitions Growth CapEx End-market introduction New customer introductions Company subcontracting within portfolio Up-selling Best-practice sharing Account management Client knowledge Procurement / sup
Slide 36: Carrylift: Driving Profitability Through Targeted Operational Improvements
36 CorpAcq Initiatives The Results 10% EBITDA CAGR(1) From 65% to 80% Improved fleet utilisation(1) Consistent sustainable income and better margins Improved flow of equipment and supplier rebates 11% EBITDA margin increase(1) Carrylift: Driving Profitability Through Targeted Operational Improvement
Slide 37: CaviTech: Repositioning for Sustainable, Profitable Growth
37 10% Revenue CAGR(1) Reduced customer concentration Improved accuracy, repeatability and customer demand forecast Channelling capacity towards high-value work Sustainable access to highly-skilled workforce CaviTech: Repositioning for Sustainable, Profitable Growth CorpAcq Initiatives The Results ✓
Slide 38: Cwmtillery Glass: Template Acquisition in a Familiar Industry
38 Cwmtillery Glass: Template Acquisition in a Familiar Industry Acquisition Overview Alignment to CorpAcq Acquisition Criteria ✓ Business: Manufacture and distribution of insulated glass units and toughened glass products for windows and roofs ✓ Origination: Advisor network introduction in November
Slide 39: Heritage Trade Frames: Proprietary Origination Meeting Key Criteria
39 Heritage Trade Frames: Proprietary Origination Meeting Key Criteria Acquisition Overview Alignment to CorpAcq Acquisition Criteria ✓ Business: Fabricator of PVC, composite doors, and aluminium windows and doors ✓ Origination: Internal proprietary sourcing Source: CorpAcq Management. Acquisition S
Slide 40: Financials
40 CHURCHILL ae CAPITAL VII CorpAc 5 Financials
Slide 41: CorpAcq Consistently Grows the Portfolio
41 £351 £478 £478 £561 £638 £739 FY2018A FY2019A FY2020A FY2021A FY2022A FY2023E CorpAcq Consistently Grows the Portfolio… CorpAcq has achieved strong overall revenue growth over the last 5 years through organic growth and accretive acquisitions £557 £633 Revenue (UK GAAP) Revenue (IFRS) £729 Busine
Slide 42: Supported by Positive Growth Across Its Cohorts
42 - 100 200 300 400 500 600 700 2018 2019 2020 2021 2022 Pre-2018 2018 2019 2021 2022 Cohort(1) % of 2022 Revenue Organic CAGR Since 2018(2) Total Growth Since 2018(3) Pre-2018 44% 5% 19% 2018 36% 3% 8% 2019 15% 5% 11% 2021 2% 2022 3% Revenue(4) by Year Acquired (£mm) …Supported by Positive Growth
Slide 43: CorpAcq Maintains Its Margins While Being Acquisitive
43 £54 £67 £65 £92 £101 £118 FY2018A FY2019A FY2020A FY2021A FY2022A FY2023E Adj. EBITDA(1) (UK GAAP) Adj. EBITDA(1) (IFRS) Adj. EBITDA(1) Margin (UK GAAP) 15% 14% 14% 16% 16% 16% Adj. EBITDA(1) (£mm) CorpAcq Maintains Its Margins While Being Acquisitive £99 £108 £126 Source: CorpAcq Management. Not
Slide 44: Margins Are Not Widely Concentrated
44 0 5,000 10,000 15,000 20,000 25,000 30,000 Margins Are Not Widely Concentrated Acquisition criteria focused on profitable businesses reduces risk 15% 39% 11% 23% Median LTM Revenue 0% 5% 10% 15% 20% 25% Adj. EBITDA(2) Margin Interval Portfolio Margin Allocation (% of LTM Revenue) 12% LTM Adj. EBI
Slide 45: Compelling Cash Profile Allows For A Capital Returns Story
45 60% 58% 68% 70% 56% 61% 64% 55% 59% 20% 30% 40% 50% 60% 70% 80% FY2018A FY2019A FY2020A FY2021A FY2022A FY2023E Historical Adj. EBITDA Less Net CapEx(1) Conversion Rate(2) Decrease in conversion rate in FY2022 due to spending in advance of customer contract wins Compelling Cash Profile Allows For
Slide 46: Performance Update: Business Tracking Original FY2023 Guidance
46 FY 2023E (IFRS, mm) Revenue £729 / $938 Adj. EBITDA £126 / $162 Adj. EBITDA Margin ~17% Net CapEx £51 / $66 (1) (2) Source: CorpAcq Management. Note: FY2023E financials are estimates from CorpAcq Management and are presented on an IFRS basis. Assumes USD:GBP exchange ratio of 1.286:1. (1) Adj. EB
Slide 47: Performance Update – Revenue
47 £633 £669 £695 £729 FY'22A LTM Jun-23 FY'23E Revenue (£mm) £306 £342 1H'22 1H'23 Highlights Performance Update – Revenue • 1H 2023 organic growth of 9% driven by project ramp-up across the portfolio • Acquisitions contributed 3% to growth from 2022 acquisitions Cwmtillery and Bereco • Expect 15%
Slide 48: Performance Update – EBITDA
48 Performance Update – EBITDA Adj. EBITDA (£mm) & Margin (%) Highlights £108 £116 £120 £126 FY'22A LTM Jun-23 FY'23E LTM Jun-23 + 2H’23E contributions from closed acquisitions £53 £61 1H'22 1H'23 • 1H 2023 organic growth of 11% led by revenue increase and continued operational improvements • Acquis
Slide 49: Long Term Financial Targets
49 2018–2022 Average(1) Long Term Targets Total / Organic Revenue Growth 16% / 4% Total / Organic EBITDA Growth 17% / 7% Net CapEx as a % of Revenue (Excludes Acquisition Spend) 6% Net Working Capital(2) as a % of Revenue 3% Long Term Financial Targets Source: CorpAcq Management. Note: (1) 2018 – 20
Slide 50: Acquisitions Update
50 Acquisitions Update Acquisitions Completed in 2023 • Founded in 1963 and headquartered in Scotland, UK • Supplier of garden aggregates, render and roughcasting materials to commercial and residential customers • Acquired via Hardroad in June 2023 • Founded in 1973 and headquartered in Carlisle, U
Slide 51: Strong Run-Rate Contribution From Acquisitions
51 FY2023E Incremental Contribution From FY2023E Acquisitons(1,2,4) FY2023E Run Rate Metrics(1) Revenue (£mm) 729 3 6 765 Adj. EBITDA (£mm) 126 6 131 Adj. EBITDA Margin 17% 15% 17% (3,4) (2) (5) Portfolio Companies: 37 (as of January 1st) + 5 (acquired during year) Portfolio Companies: 42 765 131(5)
Slide 52: Capital Allocation Priorities
52 M&A h Strong Balance Sheet Capital Returns h h • Low-risk strategy to acquire mature, stable, and profitable SMEs • Aim to acquire at least ~£20mm of EBITDA per year • Average acquisition structure only funded with ~50% cash/debt from CorpAcq • Current Net Debt to Run-Rate EBITDA ratio of <3.0x w
Slide 53: Transaction Details
53 G CHURCHILL ‘ CAPITAL VII Corp. Transaction Details
Slide 54: Key Next Steps to Close
54 Key Next Steps to Close Events • Re-List on Nasdaq • F-4 Effective Date and Proxy Mailing • Extension Redemption Date • Extension Approval • Stockholder Redemption Date • Stockholder Approval and Transaction Close Note: Timing of events subject to change
Slide 55: Illustrative Transaction Sources and Uses
55 Cash in Trust $606mm Illustrative Transaction Sources and Uses Sources Source: CorpAcq Management. Note: Financials based on IFRS audits. Assumes USD:GBP exchange ratio of 1.286:1. Debt balances as of 6/30/2023, adjusted for recently completed acquisitions since June 30, 2023. (1) CVII cash-in-tr
Slide 56: Illustrative Post-Money Valuation at Announcement
56 Illustrative Post-Money Valuation at Announcement Source: CorpAcq Management. Note: Financials based on IFRS audits. Assumes USD:GBP exchange ratio of 1.286:1. Debt balances as of 6/30/2023, adjusted for recently completed acquisitions since June 30, 2023. Transaction overview reflects minimum ca
Slide 57: Recent Refinancing Provides New Runway for Growth
57 Term Loan Facility £200mm(1) Acquisition Facility £100mm flexible capacity Maturity January 2028 Pricing SONIA + 5.25 – 6.50%(2) New Facility Terms • New term loan to replace existing facility with Alcentra set to mature in June 2024 • Provides flexibility to pay up to £100mm with transaction pro
Slide 58: Illustrative Pro Forma Capitalization
58 Illustrative Pro Forma Capitalization (£mm) Current(3) Pro Forma(7,8) (Illustrative Preferred Path) Pro Forma(7,8) (Minimum Cash Before Secondary Proceeds) Debt: Revolving Credit Facility - - - Existing Term Loan(1) 200 - - Total Other Debt(2) 196 196 196 New Term Loan Facility - 200 200 Total De
Slide 59: Net Leverage Overview
59 2.8x 1.5x 2.0x Current Net Leverage Pro Forma Net Leverage Net Leverage(1) Based on FY2023E Adj. EBITDA(2) Assumes no additional redemptions (3) (4) Net Leverage Overview Transaction allows CorpAcq to reduce Net Leverage with significant cash added to balance sheet • Repayment of existing preferr
Slide 60: CorpAcq vs. Key Public Peers
60 CorpAcq vs. Key Public Peers (3) (1) (2) (5) Primary End-Markets Diversified Industrials P P P P P P Trade P Life Sciences P P P Other P P P P Key Geographies UK Nordics, DACH, UK Global (>30 Countries) Global (>30 Countries) North America, Europe, Australia Europe, Asia, North America M&A Approa
Slide 61: Market Leadership Analysis – Key Financial Metrics
61 Sales Growth EBITDA Growth EPS CAGR EBITDA Margin Net Debt / EBITDA ROIC FY2018 - FY2022 FY2018 - FY2022 3-Year(1) LTM(2) LTM(2) LTM(2) 16% 17% 20% 17% 3.1x / 2.2x 16% 17% 26% 20% 16% 1.5x 19% 13% 19% 22% 18% 1.6x 15% 16% 21% 23% 25% 1.3x 15% 20% 25% 15% 22% 0.9x 15% 7% 9% 10% 19% 1.8x 11% 15% 20
Slide 62: Attractive Entry Valuation – Discount to Other Acquisitive Companies
62 10.0x 19.5x 19.2x 17.1x 16.4x 10.4x 14.8x 10.8x 10.5x 10.6x NA 19.6x 18.4x 17.1x 15.0x 9.9x 13.2x 10.2x 10.1x Total Enterprise Value / FY2023E EBITDA(1,2) Total Enterprise Value / FY2024E EBITDA(1,2) European Compounders US Diversified Industrials Average: 16.5x Average: 12.1x Average: 16.0x Aver
Slide 63: Key investment highlights
63 Differentiated opportunity to own a platform composed of UK SMEs with a proven acquisition model that generates high risk-adjusted cash returns supported by mature, stable businesses 1 Experienced management team that has executed and proven CorpAcq’s repeatable and scalable acquisition strategy
Slide 64: Appendix
CHURCHILL ae CAPITAL VII CorpAc 07 Appendix
Slide 65: Revenue Growth Over Time (USD)
65 Revenue Growth Over Time (USD) Source: CorpAcq Management. Note: Assumes USD:GBP exchange ratio of 1.286:1. (1) Financial information prior to 2021 is based on UK GAAP audits and has not been audited in accordance with PCAOB standards. Financial information beginning in 2021 is presented based on
Slide 66: Adj. EBITDA Growth Over Time (USD)
66 Adj. EBITDA Growth Over Time (USD) Source: CorpAcq Management. Note: Financial information prior to 2021 is based on UK GAAP audits and has not been audited in accordance with PCAOB standards. Financial information beginning in 2021 is presented based on both UK GAAP and IFRS audits. (1) Adj. EBI
Slide 67: Reconciliation of Non-GAAP Financials (UK GAAP)
67 Commentary EBITDA Adjustments Overview (UK GAAP) £mm 1 2 FY2018A FY2019A FY2020A FY2021A FY2022A LTM 6/30 FY2023E Revenue 351 478 478 561 638 671 739 Net Income 1 9 0 17 20 22 26 Net Income Margin(1) 0% 2% 0% 3% 3% 3% 4% Interest Expense 22 26 26 25 28 35 39 Tax Expense 4 4 4 11 7 6 8 Other Adjus
Slide 68: Reconciliation of Non-GAAP Financials (IFRS)
68 FY2021A FY2022A LTM 6/30 FY2023E Revenue 557 633 669 729 Net Income 5 (2) (5) 7 Net Income Margin(1) 1% NA NA 1% Interest Expense 44 54 63 64 Tax Expense 11 7 8 8 Other Adjustments - - - - Depreciation & Amortization 38 43 45 47 EBITDA 98 102 111 126 Non-core professional fees - 2 - - Non-core ca
Slide 69: Half-Year Reconciliation of Non-GAAP Financials
69 1H'22 1H'23 Revenue 306 342 Net Income 3 (0) Net Income Margin(1) 1% 0% Interest Expense 23 31 Tax Expense 2 3 Other Adjustments - - Depreciation & Amortization 20 23 EBITDA 48 57 Non-core professional fees 2 - Non-core capital raise costs 2 - Share-based compensation 1 4 Adjusted EBITDA(2) 53 61
Slide 70: Reconciliation of Non-GAAP Financials: CapEx
70 FY2018A FY2019A FY2020A FY2021A FY2022A LTM 6/30 FY2023E Payments for PP&E 31 45 31 42 48 54 47 (-) Proceeds from Sale of PP&E (15) (20) (17) (21) (19) (23) (25) (+) Additions - Hire Purchase(1) 6 9 7 13 15 19 24 (-) One-Time Property Purchases - (5) - (6) - - - Net CapEx 22 28 21 28 44 51 47 Cap
Slide 71: Reconciliation of Non-GAAP Financials: ROIC
71 ROIC Calculations (IFRS) FY2021A FY2022A LTM 6/30 EBIT 6 0 6 0 6 6 (+) Amortization 4 5 5 EBITA 6 4 6 4 7 1 (+) One-Time Costs 1 6 5 Adj. EBITA 6 5 7 0 7 6 Tax Rate 22% 20% 20% Adj. NOPAT 5 1 5 6 6 1 Shareholders Equity (10) (97) (95) (+) LT Debt 330 384 238 (+) ST Debt 6 1 136 288 (-) Cash (50)
Slide 72: Pro forma share count and warrants
72 Share Price Public Shares(1) Total Shares Outstanding Public Shares as % of Total CorpAcq Shares as % of Total $10.00 58.0 125.4 46.3% 47.2% $12.00 59.2 135.9 43.5% 44.1% $14.00 62.9 143.6 43.8% 43.1% $16.00 65.8 167.7 39.2% 45.9% $18.00 68.0 172.2 39.5% 45.4% Shares: • Includes 58.0mm public IPO
Slide 73: Risk factors
73 Unless the context otherwise requires, all reference in this subsection to the “Company,” “CorpAcq,” “we,” “us” or “our” refer to CorpAcq Limited and its subsidiaries and CorpAcq Group Plc. The risks presented below are some of the general risks to the business and operations of CorpAcq, Churchil
Slide 74: Risks related to CorpAcq
74 • We and our portfolio companies could be subject to increased regulation or changes in regulatory regimes which will impact our financial performance. • The industries we serve can be seasonal, cyclical and affected by weather conditions, the combined effects of which can adversely impact our re
Slide 75: Risks Related to Churchill
75 Risks Related to Churchill • Churchill's public shareholders will experience dilution as a consequence of the issuance of Post-Combination Company securities as consideration in the proposed transaction and may experience dilution from several additional sources in connection with and after the c
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Churchill Capital Corp VII — SPAC Merger (January 2024) on 6ix