GCM Grosvenor and CF Finance Acquisition Corp, a blank check company formed by Cantor Fitzgerald, has completed its merger. The newly combined company will operate as GCM Grosvenor and will begin trading November 18, 2020 on the NASDAQ under the ticker symbol “GCMG.”
CHICAGO, Nov. 17, 2020 /PRNewswire/ — GCM Grosvenor, a global alternative asset management firm, and CF Finance Acquisition Corp. (“CFAC”) (NASDAQ: CFFA) announced today that they have completed their business combination. The Class A common stock of the combined company, which will operate as GCM Grosvenor Inc., is scheduled to begin trading on The Nasdaq Capital Market under the ticker “GCMG” beginning on November 18, 2020.
GCM Grosvenor is a leading alternative solutions provider with assets under management across private equity, infrastructure, real estate, credit and absolute return investment strategies. The firm is in its 50th year of operation and is dedicated to delivering value for clients in the growing alternative investment asset classes.
“We are excited to build upon our five decades as a leader in providing alternative asset management solutions to our clients,” said Michael Sacks, GCM Grosvenor’s Chairman and CEO. “We have long believed that we succeed when our clients succeed, and we look forward to continuing to serve our clients while building value for our public shareholders.”
The cash held in CFAC’s trust account, together with the $195 million in PIPE proceeds and $30 million investment from Cantor Fitzgerald, will be used to purchase shares from certain GCM Grosvenor pre-transaction equity holders, reduce GCM Grosvenor’s existing indebtedness, fund GCM Grosvenor’s future growth, and pay transaction expenses. At the completion of the transaction, GCM Grosvenor management owns in excess of 78% of the equity interests of the combined company.
J.P. Morgan served as exclusive financial advisor to GCM Grosvenor on the business combination and William Blair & Company served as capital markets advisor to GCM Grosvenor. Latham & Watkins LLP served as legal counsel to GCM Grosvenor.
Cantor Fitzgerald & Co. acted as financial and capital markets advisor to CFAC and The Klein Group, LLC acted as M&A advisor to CFAC. Hughes Hubbard & Reed LLP and Ellenoff Grossman & Schole LLP served as legal counsel to CFAC.
J.P. Morgan and Cantor Fitzgerald & Co. served as placement agents for the PIPE financing.
About GCM Grosvenor
GCM Grosvenor is a global alternative asset management solutions provider with assets under management across private equity, infrastructure, real estate, credit, and absolute return investment strategies. The firm is in its 50th year of operation and is dedicated to delivering value for clients in the growing alternative investment asset classes.
GCM Grosvenor’s experienced team of approximately 500 professionals serves a global client base of institutional and high net worth investors. The firm is headquartered in Chicago, with offices in New York, Los Angeles, London, Tokyo, Hong Kong, and Seoul.
About CF Finance Acquisition Corp.
CF Finance Acquisition Corp. is a public investment vehicle formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. CFAC is led by its Chairman and Chief Executive Officer, Howard W. Lutnick, who is also the Chairman and Chief Executive Officer of Cantor Fitzgerald. Prior to the business combination, CFAC’s securities were traded on the Nasdaq Capital Market under the ticker symbols CFFA, CFFAW and CFFAU.