Completed
Bakkt
First | 2020-11-19 | $275.00 | |
Merger | 2021-10-21 | $200.75 | 27% |
Merger +6mo | 2022-04-22 | $104.75 | 62% |
Merger +1yr | 2022-10-21 | $55.75 | 80% |
Recent | 2024-06-04 | $16.42 | 94% |
VPC Impact Acquisition Holdings
- Registration2020-09-04 Filed S1
- IPO2020-09-24 IPO, search begins
- Definitive Agreement2021-01-11 Agreement for merger
- Completed2021-10-20 Merger Completed
- Raised
- $200M
- CIK
- 1820302
- SPAC Ticker
- VIH
- Merger
- Bakkt
- Merged Ticker
- BKKT
- Focus
- FinTech, Payment Platforms, Ecommerce, Insurance, PropTech, Technology, Unicorns
SPAC Team
Leadership
Our management team will consist of John Martin, our Chairman and Chief Executive Officer, Gordon Watson, our President and Chief Operating Officer, and Olibia Stamatoglou, our Chief Financial Officer, all of whom will be supported by the entire VPC investment team whose partners average over 15 years of relevant experience across a broad range of investing, financial, operating, advisory and legal disciplines. Our management team's Fintech investing experience and operational expertise enables VPC to consistently act as a value-added partner to its portfolio companies.
John Martin, our Chairman and Chief Executive Officer, maintains over thirty years of investment experience and is a Senior Partner at VPC. Martin served as managing partner and co-CEO of Antares Capital, LP, a private debt credit manager, until May 2019. He was a founding partner of the original Antares Capital in 1996, a startup business that provided acquisition financing capital to the portfolio companies of private equity firms across North America. Over the course of nine years, Antares grew to become one of the largest providers of acquisition capital to private equity sponsors in the middle market. Following the firm's acquisition by GE Capital in 2005, Martin became President and CEO of the newly branded GE Antares Capital and helped to direct the strategic vision of the business. In addition, he presided over numerous acquisitions and divestitures, including the sale of the firm to The Canada Pension Plan Investment Board (“CPPIB”) for $12 billion in August 2015. Subsequently, Antares went on to raise more than $6.5 billion in the CLO market from a global investor base comprised of banks, pension funds, insurance companies and asset managers. Following the acquisition by CPPIB, Martin sat on the Antares Investment Committee throughout his tenure at the company and was a member of the board of directors. At the time of his retirement, the firm's assets under management totaled more than $24 billion.
Gordon Watson, our President and Chief Operating Officer, joined VPC in 2014 and is currently a Partner. Gordon is a member of VPC's investment committee and helps lead our Fintech investing team. Gordon is the Investment Manager for VPC Specialty Lending Investments PLC (LSE: VSL), a VPC managed UK publicly listed investment trust focused on opportunities in the Fintech market. Previously, Gordon was a portfolio manager focused on distressed debt at GLG Partners, a London-based 31 billion multi-strategy hedge fund that concentrates on a diverse range of alternative investments. He joined GLG when it purchased Ore Hill Partners, a credit focused hedge fund where Gordon was a partner.
Olibia Stamatoglou, our Chief Financial Officer, is the Chief Financial Officer of VPC. Previously, Olibia served as vice president of finance at Valor Equity Partners where she managed firm and fund finance activities. Prior to Valor, she served as chief operating officer and chief financial officer of First National Assets, a specialty finance private equity group specializing in tax lien purchases and real estate owned ventures. She joined First National Assets from Aurora Investment Management where she progressed through several accounting roles. Mrs. Stamatoglou was recognized as one of Crain's Notable Women in Finance for 2019.
With respect to the foregoing experiences of our management team, past performance is not a guarantee (i) that we will be able to identify a suitable candidate for our initial business combination or (ii) of success with respect to any business combination we may consummate. You should not rely on the historical record of our management team's performance as indicative of our future performance. None of the members of our management team has any past experience with any blank check companies or special purpose acquisition companies. For more information on the experience and background of our management team, see the section entitled “Management.”
VPC Investment Team Leadership
Richard Levy is the Chief Executive Officer and Founder of VPC. He oversees the firm's investment and operational activities. Mr. Levy is also the chairman of the firm's Senior Leadership Team and Investment Committee. Mr. Levy serves as chairman of the board of directors of VPC portfolio company, Giordano's. He also serves as a member of the board of directors of VPC portfolio companies, Caribbean Financial Group and United Automobile Insurance Company. Previously, Mr. Levy served as head of the Small Cap Structured Products Group and co-head of the Solutions Group at Magnetar Capital. He also co-founded and served as managing partner at Crestview Capital Partners. Mr. Levy received a B.A. in political science from The Ohio State University, an MBA from the Illinois Institute of Technology's Stuart School of Business and a J.D. from Chicago-Kent College of Law. He is a member of the Illinois bar (inactive). Mr. Levy is also chairman of the board of nonprofit, Gardeneers, an active board member of Camp Kesem and he sits on the Board of Trustees for the Illinois Institute of Technology.
Brendan Carroll is a Senior Partner at VPC, which he co-founded in 2007. He is responsible for strategic initiatives and firm operations in addition to sourcing, evaluating and executing investment opportunities. Mr. Carroll also oversees marketing, fundraising, business development and investor relations for the firm. He is a member of the firm's Senior Leadership Team and Investment Committee. Mr. Carroll serves as member of the board of directors of VPC portfolio company, johnnie-O. Previously, as a member of the Solutions Group at Magnetar Capital, Mr. Carroll specialized in direct financings to lower middle market companies. He has held various investment banking positions at William Blair and Robertson Stephens, specializing in corporate finance and mergers and acquisitions. Mr. Carroll has also worked in various capacities for former U.S. Senator Joseph Lieberman (I- CT). Mr. Carroll received a B.A. with honors in government from Georgetown University and an MBA from Harvard Business School. He speaks frequently on debt and private equity investing issues and has served as a guest lecturer and panelist at the University of Chicago's Booth Global School of Business, Northwestern University's Kellogg School of Management and Harvard Business School. Mr. Carroll is a member of the Finance Council of the Archdiocese of Chicago and Loyola Press and previously served on the Board of Regents at Georgetown University. He is also a director on the board of the Ann & Robert H. Lurie Children's Hospital of Chicago and is also a member of the board's Finance Committee.
Jason Brown joined VPC in 2014 as a Partner and manages the firm's Los Angeles office. He is primarily responsible for sourcing, analyzing, executing and managing investments in lower middle market companies. Mr. Brown also actively works on value creation initiatives and strategic alternatives for the firm. Mr. Brown is a member of the firm's Senior Leadership Team and Investment Committee. Mr. Brown currently serves on the board of directors of VPC portfolio companies, Labs.Dental Holdings and Processing.com. Mr. Brown has more than 20 years of experience in financial services. Most recently, Mr. Brown was a managing director for GE Capital, Corporate Restructuring Finance for more than ten years where he and his team provided growth, working capital and turnaround finance to mid-size and large companies. His team also specialized in senior secured loans to distressed companies supporting Chapter 11 filings, plan-of-reorganizations and out-of-court restructurings. Prior to GE Capital, he worked at Comerica Bank as a manager in their northern Los Angeles office and for Manufacturers Hanover in Sydney, Australia. He has also served as the global chairman and president of the Los Angeles chapter of the Association for Corporate Growth (ACG). Mr. Brown received a B.S. in business administration from the University of Southern California.
Tom Welch joined VPC in 2009 and is a Partner. He is primarily responsible for sourcing, analyzing, executing and managing investments primarily within the financial services industry. Mr. Welch also actively works on value creation initiatives and strategic alternatives for portfolio companies. Mr. Welch is a member of firm's Investment Committee. Previously, Mr. Welch served as a credit underwriter in the Cash-Flow Lending Group for CapitalSource, concentrating his investment efforts in the industrials, consumer products and business services industries. He also worked in the Global Multi-Industries Investment Banking Group at Merrill Lynch, focusing on mergers and acquisitions, leveraged finance and growth capital transactions. Mr. Welch received a B.S. in finance with honors from the University of Illinois.
Connell Hasten joined VPC in 2018 and is a Partner. He co-founded and manages the firm's insurance services platform and is primarily responsible for sourcing, underwriting, executing and managing investment opportunities for insurers. Mr. Hasten is a member of the firm's Investment Committee. Previously, Mr. Hasten was a managing director at EquiTrust Life Insurance Company, an insurance company with approximately $20.0 billion in assets, where he oversaw a large portion of private and public debt and equity investments. Prior to EquiTrust Life Insurance Company, Mr. Hasten was a director at Guggenheim Partners and served as a portfolio manager, primarily responsible for an $8 billion real estate investment portfolio on behalf of insurance companies. Beforehand, Mr. Hasten was a vice president at Bank of America in the special situations and real estate lending groups. Mr. Hasten earned his B.S. from Indiana University's Kelley School of Business and his MBA from Northwestern University's Kellogg School of Management. Mr. Hasten was a recipient of the ULI 40 under 40 award in 2016 and is also an active Chicago board member of Camp Kesem.
Our management team's efforts to seek a suitable business combination target will be complemented and augmented by the expertise and network of relationships of our independent Directors. We believe that our access to and affiliation with our independent Directors represents a competitive advantage. We also believe that our management team's expertise will be augmented by the other members of our board of directors, which will provide extensive experience in business and financial matters.