Franklin Admiral Acquisition Purchase of Acuren for $1.85 billion

(Bloomberg) — Admiral Acquisition Ltd., a company founded by serial dealer Martin Franklin, has agreed to buy industrial services provider ASP Acuren Holdings Inc. for $1.85 billion in the largest blank check transaction this year.

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Wednesday’s announcement shows Admiral is acquiring the company from New York private equity firm American Securities. The purchase of Admiral will include, among other things, USD 560 million in cash and proceeds from a private placement worth USD 312 million.

The signed pact is the largest transaction this year involving a special purpose acquisition company, or SPAC, a once-fashionable instrument for taking companies public that has declined in popularity since its peak three years ago, according to data compiled by Bloomberg. Admiral raised $550 million in 2023, continuing to go public on the London Stock Exchange even after the SPAC bubble burst.

Admiral is not a U.S.-style SPAC because it does not offer free shares issued to founders upon completion of the transaction.

Franklin, co-founder of Jarden Corp., was a pioneer in tapping blank check companies, raising money for acquisitions as early as 2006 and taking companies public, including Nomad Foods Ltd.

Acuren provides testing, engineering and laboratory testing services to industrial end markets.

Once the transaction is finalized, Admiral will withdraw from the London Stock Exchange and apply for listing on the New York Stock Exchange.