Latham & Watkins Represents Placement Agents in PIPE in Connection with SIGNA Sports United’s Combination With Yucaipa Acquisition Corporation

Capital markets team advised on the PIPE.

June 11, 2021

SIGNA Sports United, a leading global sports e-commerce and tech platform, has entered into a business combination agreement with Yucaipa Acquisition Corporation (NYSE: YAC) (Yucaipa or YAC), a publicly-traded special purpose acquisition company led by Chairman and President Ron Burkle and CFO and COO Ira Tochner. The combination also includes the acquisition of the WiggleCRC Group, one of the largest online bike retailers globally, currently owned by Bridgepoint. 

The transaction is expected to deliver up to approximately US$645 million of gross proceeds through the contribution of up to US$345 million of cash held in YAC's trust account (assuming no redemptions) and a concurrent fully committed ordinary share PIPE of approximately US$300 million (upsized from an envisaged PIPE of US$250 million). Ron Burkle is investing $50 million in the PIPE and is joined by top tier global institutional investors. The existing shareholders have agreed to convert 100 percent of their ownership stakes into the new public company.

Latham & Watkins LLP represented the placement agents in the PIPE with a capital markets team led by New York partner Erika Weinberg and Frankfurt partner Oliver Seiler, with New York associate Paul Rafla and Frankfurt associate Camilla Kehler-Weiss.

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