DLA Piper advises Fast Radius in US$1.4 billion SPAC deal with ECP Environmental Growth Opportunities Corp.
DLA Piper represented Fast Radius, Inc., a cloud manufacturing and digital supply chain company, in its business combination with special purpose acquisition company ECP Environmental Growth Opportunities Corp. (NASDAQ: ENNV), which will result in Fast Radius becoming a publicly listed company.
Fast Radius is a dynamic software and industrial technology firm that has pioneered and continues to scale the first-of-its-kind cloud manufacturing and digital supply chain infrastructure. The Fast Radius solution combines proprietary software with a network of company-owned distributed micro-factories and third-party suppliers. This allows engineers to design, produce and fulfill custom parts across a range of manufacturing technologies, including additive manufacturing, CNC machining and injection molding.
Following the close of the transaction, which is expected in the fourth quarter of 2021, ENNV will be renamed Fast Radius, Inc. and is expected to remain listed on the NASDAQ. The combined company will have an estimated post-transaction enterprise value of US$995 million with an estimated equity value of US$1.4 billion due to the contribution of US$445 million in gross cash proceeds from the transaction.
“It was a pleasure to utilize our market-leading SPAC and M&A capabilities and our extensive tech sector experience to facilitate this transaction for Fast Radius, which will bolster its position as a leader in the software and industrial technology industry and enable it to continue enhancing its sustainable supply chain infrastructure,” said Adam Spector, the DLA Piper partner who led the firm’s deal team.
In addition to Spector (Chicago), the DLA Piper deal team representing Fast Radius included partners Scott Kapp, Neal Aizenstein (both of Chicago), Jeffrey Selman (San Francisco), Michelle Lara (San Diego) and Stacy Paz (Silicon Valley); of counsel Sameer Ghaznavi (Chicago); and associates Kyle Stearns, Brian Wohlberg (both of Chicago), Patrick Burri and Nick Gerlach (both of Silicon Valley).
With more than 1,000 corporate lawyers globally, DLA Piper helps clients execute complex cross-border transactions seamlessly while supporting clients across all stages of development. The firm has been rated number one in global M&A volume for 11 consecutive years, according to Mergermarket. The firm advises on all elements of complex SPAC and other public M&A transactions, including M&A, tax and securities. DLA Piper has advised on more than 30 SPAC transactions, with an aggregate value of over US$20 billion, in the past three years.
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