ODAC

Pre IPO

Ocean Drive Acquisition Corp.

Underwriter: Jefferies
Raised
$250M
CIK
1849074
Focus
PropTech, Technology, Real Estate, Gaming, Hospitality
External link: SEC Filings

SPAC Team

Leadership

Howard M. Lorber has served as the Chairman of our board of directors since our inception. Mr. Lorber has been the President and Chief Executive Officer of Vector Group Ltd. (NYSE: VGR) (“Vector”) since January 2006, and has served as a director of Vector since January 2001. Between January 2001 and December 2005, Mr. Lorber served as the President and Chief Operating Officer of Vector. Since January 2006, Mr. Lorber has also served as the President and Chief Executive Officer of Vector’s wholly owned subsidiary, New Valley LLC (“New Valley”), and has served as a director of New Valley since 1991. Before becoming the Chief Executive Officer of New Valley, Mr. Lorber served as the President and Chief Operating Officer of New Valley between November 1994 and December 2005. Since 1994, Mr. Lorber has actively managed Vector’s and New Valley’s diversified interests, which include New Valley’s broad portfolio of real estate projects located in the United States. Mr. Lorber also serves as Executive Chairman of Douglas Elliman Realty, LLC, one of the nation’s oldest and largest real estate brokerage firms and a subsidiary of New Valley. Throughout his career, Mr. Lorber has successfully led numerous corporations and, at different times, held positions simultaneously. Since January 2007, he has served as Executive Chairman of Nathan’s Famous Inc. (Nasdaq: NATH) (“Nathan’s Famous”), and served as a director of Nathan’s Famous since 1987. Mr. Lorber previously served as the Chairman of Nathan’s Famous from 1990 through December 2006, and served as the Chief Executive Officer of Nathan’s Famous from 1993 to December 2006. Since July 2015, Mr. Lorber has served as a director of Clipper Realty, Inc. (NYSE: CLPR). He previously served as Vice Chairman of the Board of Directors of Ladenburg Thalmann Financial Services Inc. (“Ladenburg”) from July 2006 until February 2020, when the company was acquired by Advisor Group, a portfolio company of Reverence Capital Partners, and served as Chairman of the Board of Directors of Ladenburg from May 2001 to July 2006. Mr. Lorber formerly served as a director of Morgans Hotel Group Co. from March 2015 to November 2016, and served as the Chairman between May 2015 and November 2016. Mr. Lorber has also been on the Advisory Board for Citibank’s Private Bank since July 2019. In 2017, Mr. Lorber received a Presidential appointment to serve as Chairman of the United States Holocaust Memorial Museum. He has served on the board of Garden of Dreams, as Chairman of Southampton Hospital Foundation, and Co-Chairman of the Silver Shield Foundation–a non-profit organization that provides financial assistance towards the educational costs of children of police officers and firefighters killed in the line of duty. Mr. Lorber holds a Bachelor of Arts degree, a Master of Science degree in Taxation, and an Honorary Doctorate from Long Island University, where he serves as a trustee.

Steven Witkoff has served as our Chief Executive Officer and a member of our board of directors since our inception. Mr. Witkoff has served as the Chairman and Chief Executive Officer of The Witkoff Group (“Witkoff”) since inception, which is an integrated real estate investment and management company founded in 1996. Since founding Witkoff, Mr. Witkoff has leveraged his extensive real estate expertise to successfully lead the financing, repositioning and construction of over 70 properties in major business districts in the U.S. as well as abroad, and with offices in New York, Las Vegas, Los Angeles, and Miami. Before founding Witkoff, Mr. Witkoff co-founded Stellar Management Company, where he served as Founder from inception to 1996 and acquired and repositioned a portfolio of residential buildings in New York City. Earlier in his career, Mr. Witkoff practiced real estate law at Dreyer & Traub and Rosenman & Colin, where he represented a number of large developers and investors. Mr. Witkoff earned a Juris Doctor from Hofstra University. Mr. Witkoff has served on the Executive Committee for the Real Estate Board of New York (REBNY) as a trustee for the Intrepid Foundation, and as a board member for the Jeffrey Modell Foundation. Mr. Witkoff currently serves as Chairman of the University of Miami Business School Real Estate Advisory Board and is a member of the Hofstra University Board of Trustees. In October 2019, Mr. Witkoff was honored with a Presidential appointment to the Board of Trustees of the John F. Kennedy Center for the Performing Arts. Mr. Witkoff’s son, Alex Witkoff, serves as our Executive Vice President.

Theodore Koenig serves as one of our directors . Mr. Koenig has more than 35 years of experience in structuring, negotiating and consummating transactions on behalf of asset-backed lenders, commercial finance companies, financial institutions and private equity investors. Mr. Koenig serves as Chairman, CEO and a Director of MCAP Acquisition Corporation (NASDAQ: MACQU, MACQ, MACQW), a special purpose acquisition corporation. Mr. Koenig has served as our Chairman of the Board and Chief Executive Officer of Monroe Capital Corporation (Nasdaq: MRCC), a business development company, since its formation in February 2011 and as chairman of the investment committee of its external investment advisor, Monroe Capital BDC Advisors, LLC since MRCC’s initial public offering in October 2012. Additionally, Mr. Koenig is the Chief Executive Officer and a manager of MC Advisors, and the Chairman, Director and Chief Executive Officer of Monroe Capital Income Plus Corporation. Since founding Monroe Capital in 2004, Mr. Koenig has served continuously as its President and Chief Executive Officer. Prior to founding Monroe Capital, Mr. Koenig served as the President and Chief Executive Officer of Hilco Capital LP from 1999 to 2004, where he invested in distressed debt, junior secured debt and unsecured subordinated debt transactions. From 1986 to 1999, Mr. Koenig was a partner with the Chicago-based corporate law firm, Holleb & Coff. Mr. Koenig is a past President of the Indiana University Kelley School of Business Alumni Club of Chicago. He currently serves as director of the Commercial Finance Association and is a member of the Turnaround Management Association and the Association for Corporate Growth. Mr. Koenig also serves on the Dean’s Advisory Council, Kelley School of Business; Board of Overseers, Chicago-Kent School of Law; and as Vice Chairman of the Board of Trustees of Allendale School, a non-profit residential and educational facility for emotionally troubled children in the greater Chicago area. He also holds a certification as a Certified Public Accountant. Mr. Koenig received a Bachelor of Science in accounting, with high honors, from Indiana University and earned a Juris Doctor, with honors, from Chicago Kent College of Law.

Kyle Asher serves as our Co-President . Mr. Asher is a Partner, Managing Director and Co-Head of Monroe Capital’s Opportunistic Private Credit investment vehicles, and also is Head of Opportunistic Underwriting & Structuring at Monroe Capital, which includes being a member on the Opportunistic Private Credit Fund’s Investment Committee. He joined Monroe Capital in 2009 and became partner at the end of 2019. He is responsible for deal origination, structuring, and portfolio management, as well as managing the opportunistic underwriting team. Mr. Asher has over 13 years of investment experience and has led the underwriting of over $2.5 billion of debt and equity transactions, across a variety of opportunistic private credit investments. Prior to Monroe Capital, Mr. Asher was an Analyst with Chicago-based Calder Capital Partners, a direct and fund-of-funds private equity firm partly owned by Goldman Sachs and Ares Capital (formerly Allied Capital), where he performed due diligence on various direct and fund-of-fund investments, sourced transactions and assisted in capital raising. Mr. Asher began his career as an Equity Analyst for MindShare Capital, an institutional money manager, where he focused on the valuation and trading patterns of small-cap growth companies. Mr. Asher earned his M.B.A. in Finance and International Business from Northwestern University and his B.A. in Philosophy and Political Science from Northwestern University.

Aaron Peck serves as our Co-President . Since September 2012, Mr. Peck has served as a Managing Director, Portfolio Manager and Co-Head of Monroe Capital’s Opportunistic Private Credit investment vehicles, and a Portfolio Manager for Monroe Capital’s retail and high net worth investment funds. Since October 2012, Mr. Peck has also served as a member of the board of directors and as chief financial officer, chief investment officer and corporate secretary of Monroe Capital Corporation (Nasdaq: MRCC), a publicly traded BDC since 2012 and as chief financial officer, chief investment officer and corporate secretary of Monroe Capital Income Plus Corporation, a non-traded BDC since 2018. Mr. Peck joined Monroe Capital in 2012 and is a member of the firm’s Investment Committee. From 2002 to 2003 and from 2004 to June 2011, Mr. Peck worked in various capacities at Deerfield Capital Management LLC, including serving as its Co-Chief Investment Officer and as Managing Director of its Middle Market Lending Group. He also helped establish and served as chief portfolio manager for Deerfield Capital Corp. (f/k/a Deerfield Triarc Capital Corp.), a publicly-traded externally-managed mortgage REIT. For Deerfield Capital Corp., Mr. Peck was the primary point of contact for institutional and retail investors, equity research analysts, investment bankers and lenders. Mr. Peck also was a former member of Deerfield Capital’s Executive Committee, Investment Committee and Risk Management Committee. From 2003 to 2004, Mr. Peck served as Senior Director of AEG Investors LLC and led the company’s efforts in acquiring distressed middle market loans. From 2001 to 2002, Mr. Peck was a senior research analyst at Black Diamond Capital Management LLC. Prior to that, Mr. Peck worked in leveraged credit at several investment firms including Salomon Smith Barney, Merrill Lynch, ESL Investments and Lehman Brothers. Mr. Peck received his bachelor of science in commerce from the University of Virginia, McIntire School of Commerce and received a master of business administration with honors from The University of Chicago, Graduate School of Business.

Scott Alper has served as our Chief Investment Officer since our inception. Mr. Alper is President & Chief Investment Officer as well as a partner at Witkoff. Mr. Alper is responsible for overseeing all aspects of Witkoff’s investments, operations, and financings. Since joining Witkoff in 1997, he has overseen both equity and structured investments predominately in residential, hospitality, and office asset classes, and has evaluated Witkoff’s technology investments. Mr. Alper holds a B.S. from the New York University Stern School of Business and is currently on the Board of Governors of the Real Estate Board of New York (REBNY). Mr. Alper previously served on the Board of the Madison Square Park Conservancy

Peter Gruszka has served as Chief Legal Officer since our inception. Mr. Gruszka serves as General Counsel and Managing Director of Monroe Capital, where he is responsible for all firm-related legal matters. He also serves on the Board of Directors of MCAP Acquisition Corporation (NASDAQ: MACQU, MACQ, MACQW), a special purpose acquisition corporation, and on the Board of Managers of Monroe Capital Fund GP S.à r.l., Monroe Capital Fund SV S.à r.l., Monroe Capital Opportunistic Private Credit GP S.a.r.l., and Monroe Capital Private Credit Fund IV GP S.a.r.l., the general partners of Monroe Capital’s Luxembourg-based offshore private credit funds. Mr. Gruszka has over 20 years of experience in private funds, derivatives, leveraged loans, distressed investments and structured products. Prior to joining Monroe in October 2016, Mr. Gruszka was a Director – Structured Products at Chicago Fundamental Investment Partners, LLC, where he was responsible for structuring CLO funds, analysis on distressed and special situations investments and general private investment fund legal matters. Prior to Chicago Fundamental and Monroe Capital, he was an attorney in the Banking & Finance group at Mayer Brown LLP, where he represented private investment funds, sponsors, underwriters, banks and other financial institutions in a wide variety of finance and derivatives transactions. Mr. Gruszka earned his J.D. from Washington University in St. Louis and his B.A. from Duke University.

Scott Marienau has served as our Chief Financial Officer since our inception. Mr. Marienau is the Chief Financial Officer of Monroe Capital’s Management Company since September 2020 and has served as the Chief Financial Officer of MCAP Acquisition Corporation since November 2020. He is responsible for day-to-day financial and treasury management of the firm’s management company and general partnership entities. Mr. Marienau has over 29 years of experience in accounting, compliance, operations, portfolio management, and structured finance. Prior to Monroe, Mr. Marienau served in various capacities at Crestline Denali Capital, L.P. from April 2001 to June 2020, including Chief Financial Officer and Chief Compliance Officer from July 2011 to June 2020, where he was responsible for financial reporting, fund and RIA compliance, loan administration, and corporate operations. Prior to Crestline Denali, he was a Finance Manager with Antares Capital from July 2000 to March 2001. Mr. Marienau earned his M.B.A. from DePaul University’s Kellstadt Graduate School of Business and his B.B.A. in Accountancy from the University of Iowa.

Alex Witkoff has served as our Executive Vice President since our inception. Since September 2015, Mr. Witkoff has served as the Executive Vice President, Development, at Witkoff. Mr. Witkoff is responsible for overseeing all aspects of Witkoff’s development activities, from strategic development and conceptualization through execution. During his tenure at Witkoff, he has earned a reputation for consistently executing creative strategies across diverse asset classes. He is a key driver behind Witkoff’s mission to create dynamic, multi-faceted spaces that connect people and enrich their communities. Among other projects, Mr. Witkoff is currently overseeing The West Hollywood EDITION, which features 190 guest rooms and suites and 20 luxury residences and The Park Santa Monica, a new neighborhood concept in Downtown Santa Monica that will combine residential towers, retail, and public spaces. In all three cases, Mr. Witkoff created a holistic vision for a new brand that inspires and informs every facet of property development, from architectural and design treatments to amenities and experiences. In addition to his Witkoff role, Mr. Witkoff serves on the board of trustees at the Institute of Contemporary Art in Miami. Prior to joining the company, Mr. Witkoff honed his expertise in real estate and private equity as a real estate investing analyst at Morgan Stanley. Mr. Witkoff graduated summa cum laude from the University of Pennsylvania’s Wharton School, where he received a B.S. in Economics with a concentration in Finance and Real Estate. Alex Witkoff’s father, Steven Witkoff, serves as our Chief Executive Officer and a member of our board of directors.

James Terlizzi will be one of our directors as of the effective date of the registration statement of which this prospectus forms a part. In 1991, Mr. Terlizzi became a partner at a small law firm in New Jersey where he specialized in civil litigation. In 1993, Mr. Terlizzi formed JUA Funding Corporation. With $4 million in private capital JUA Funding Corporation purchased settled personal injury claims the payment of which were deferred pursuant to the Order of the N.J. Insurance Commissioner. Subsequently, Mr. Terlizzi arranged for a joint venture between JUA Funding and Enhance Financial Services Group. Enhance Financial Services Group was a NYSE listed insurance holding company with numerous subsidiaries including Enhance Reinsurance. In 1996, Mr. Terlizzi encouraged Enhance to enter the structure settlement marketplace. Beginning in May 1996, Mr. Terlizzi presided over the creation of a 40 person origination office producing over $6 million per month in structured settlement obligations. In addition to running day to day operations, Mr. Terlizzi was involved in the negotiation and implementation of the industry’s first structured settlement securitization. This $100 million transaction was completed in January 1997. In 1998, Mr. Terlizzi joined Peachtree Settlement Funding as its Chief Operating Officer. Peachtree was a financial services firm specializing in the origination and securitization of intangible property rights and receivables. In 1999, Mr. Terlizzi became Peachtree’s Chief Executive Officer. Mr. Terlizzi led the firm through a successful private equity investment by LLR Partners and Greenhill Capital in 2004. In 2006 he led the firm through an IPO valued at more than $450 million on the Alternative Investment Market of the London Stock Exchange. In late 2006 Peachtree engaged in a public to private merger led by DLJ Merchant Banking and Credit Suisse valuing the firm at $775 million. During Mr. Terlizzi’s tenure with the company, Peachtree originated and securitized, sold or financed over $5 billion of specialty assets to leading banks and insurance companies in the US, Europe and Australia. In July, 2011, Peachtree and JG Wentworth completed a successful merger at which point Mr. Terlizzi stepped down from his operational role with the firm. In June 2015 Mr. Terlizzi co-invested alongside Blackstone Tactical Opportunities in DRB Financial Solutions (DRB). Through organic growth and an M&A strategy DRB grew to 5 companies and over 165 employees over 5 years. The company went from $43M of revenue in 2015 to over $120M in 2020 with Adjusted EBITDA growing from $6M to $40M over that same period. Mr. Terlizzi is also the Chairman of the two specialty finance businesses that remain from the sale of DRB and is a principal in a real estate lending business located in Delray Beach, Florida. Mr. Terlizzi was on the board of Film Finances, Inc. from January 2017 to April 2020 and currently serves on the board of U.S. Claims, a pre-settlement funding company in the U.S. Mr. Terlizzi graduated from Rutgers College with a B.A. in economics in 1986 and then attended Rutgers University Law School, where he earned his J.D. in 1989.

Peter Ward will be one of our directors as of the effective date of the registration statement of which this prospectus forms a part. Mr. Ward is the owner of Ward Strategies LLC, a consultancy he founded in August 2020. From 1979 until his retirement in August 2020, he served in various positions, including President, of the New York Hotel & Motel Trades Council, AFL-CIO, the union that represents more than 35,000 hotel workers in New York City, Northern New Jersey and the Westchester and Albany-Saratoga areas. Mr. Ward is a director on IG Acquisition Corp (Nasdaq: IGAC). He is a former board member of the Convention and Visitors Bureau, the predecessor of NYC & Company, a former co-chair of the Hudson Yards coalition, and a former board member of the Metropolitan Transportation Authority.

Joseph DaGrosa will be one of our directors as of the effective date of the registration statement of which this prospectus forms a part. Mr. DaGrosa is the Chairman & Founder of private equity firm DaGrosa Capital Partners LLC (DCP), which he founded in February 2020. DCP is comprised of experienced private equity professionals as well as sports industry executives who bring expertise in the acquisition and management of companies across various industries. Mr. DaGrosa is also Chairman of Kapital Football Partners (KFP) a soccer holding platform company within DCP. Mr. DaGrosa also serves as Chairman of GACP Sports LLC, which made its debut in the business of sports in 2018 through the acquisition of Soccerex Ltd, the world’s largest organizer of soccer business conferences, as well as F.C. Girondins de Bordeaux, making GACP Sports LLC the second American business to invest in French professional football. Mr. DaGrosa served as Chairman and President of F.C. Girondins de Bordeaux until December 2019 when GACP Sports LLC exited from its holdings in the club. He is also Vice-Chairman for Jet Support Services, Inc. and serves on the board of directors of Brazil Tower Company LP and Global Crossing Airlines. Previously, he served on the board for Eastern Airlines Group Inc. and SMobile Systems, Inc. Mr. DaGrosa played an active role in the restructuring transaction with Heartland Food Corp., the acquisition vehicle formed to acquire 248 Burger King franchises out of bankruptcy, where he and his partners led the successful turnaround of Heartland Food Corp. through bankruptcy and ultimate sale to GSO Capital (now part of Blackstone). Prior to founding GACP Sports LLC, from 2006 to 2016, Mr. DaGrosa was a Senior Partner at 1848 Capital Partners LLC and from 1996 to 2003 was a Partner at Maplewood Partners, LP, a Miami-based private equity firm, where he served as Chief Administrative Partner and Co-Head of Transactions for the firm. Prior to his position at Maplewood Partners, LP, Mr. DaGrosa began his career in 1986 at Paine Webber, Inc. in the firm’s Capital Markets Division. He currently serves on the board of Camillus House. Mr. DaGrosa graduated in 1987 from Syracuse University and received a B.S. in Finance, Accounting and Statistics.

Mark Lawrence will be one of our directors as of the effective date of the registration statement of which this prospectus forms a part. Mr. Lawrence is Co-Founder and CEO of SpotHero, the digital parking leader and only independent off-street parking marketplace in North America. Millions of drivers use SpotHero’s mobile apps and website to find, book and access off-street parking in over 7,000 locations across 300 cities in the U.S. and Canada. With $120 million in funding to date, SpotHero powers leading operator partners to data-driven decisions with SpotHero’s AI-powered dynamic pricing platform, SpotHero IQ. As CEO of SpotHero, Mr. Lawrence drives the overall vision and strategic direction for SpotHero, recognized by TIME magazine as one of 50 Genius Companies inventing the future. Before founding SpotHero, Mr. Lawrence was a Financial Analyst at Bank of America. Mr. Lawrence graduated with a B.S. in Finance from Bradley University.