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Latest SPAC In The Restaurant Sector Is Backed By Ex-IHOP CEO Julia Stewart

Latest SPAC In The Restaurant Sector Is Backed By Ex-IHOP CEO Julia Stewart

Bite Acquisition Corp is the latest blank check in the restaurant space. Backed by ex-Dine Brands Global Inc (NYSE: DIN) CEO Julia Stewart, the SPAC filed documents with regulators for a $150 million SPAC and seeks to acquire a restaurant brand worth $400 million to $850 million.

What Happened: Bite Acquisition is seeking a North American "traditional or non-traditional" restaurant to acquire and it has no specific combination under consideration, according to the IPO prospectus.

Bite will focus on identifying restaurant brands with "robust development potential" in the U.S. and abroad. The restaurant should serve food that is suitable for multi-generational clients with "diverse ethnic palettes."

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The team will seek opportunities across all restaurant categories, including QSR (fast food), fast casual, midscale, casual dining, polished casual dining, and fine dining.

"In the current business climate, our goal is to identify a company that can benefit from added leadership expertise, broader access to capital markets and technology, and is at the inflection point where high growth is required in its upcoming operational phase," the filing said.

Leadership team: Bite is backed by a roster of restaurant executives with experience dealing with the public markets. Stewart is named as an independent director nominee with restaurant experience dating back to 2001 when she was the CEO of IHOP restaurants. Under her leadership, IHOP merged with Applebee's and she continued to serve as CEO of the combined entity until 2017.

Bite's CEO, Alberto Ardura Gonzalez, brings decades worth of experience in the financial industry and advised multiple companies on M&A transactions and underwriting public equity.

The SPAC also named Rafael Felipe de Jesús Aguirre Gómez as chairman. He founded Mera in 1991, a Mexico-based international food and beverage operator that operates more than 150 restaurants in five countries.

(Photo by Crystal Jo on Unsplash)


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Posted-In: Bite Acquisition Julia Stewart SPACNews Restaurants Small Cap IPOs General Best of Benzinga

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