SAN FRANCISCO, July 30, 2021 /PRNewswire/ -- A Place for
Rover, Inc. ("Rover"), the world's largest network of five-star pet
sitters and dog walkers, and Nebula Caravel Acquisition Corp.
(NASDAQ: NEBC) ("Caravel"), a special purpose acquisition company
sponsored by True Wind Capital Management, L.P. ("True Wind
Capital"), announced today that they have closed their previously
announced business combination agreement. The business combination
was approved by Caravel's stockholders at a meeting held on
July 28, 2021.
Nebula Caravel Acquisition Corp. Completes Business Combination
with Rover
Upon completion of the business combination, Caravel changed its
name to Rover Group, Inc., and its common stock and warrants are
expected to begin trading on the Nasdaq Stock Exchange under the
ticker symbols "ROVR" and "ROVRW", respectively, commencing
August 2, 2021.
Co-founder and CEO Aaron Easterly
will continue to lead Rover's highly experienced management team.
Adam Clammer, CEO of Caravel and
founding partner of True Wind Capital, will serve on Rover's board
of directors.
Advisors
Morgan Stanley & Co. LLC acted as exclusive financial
advisor to Rover. J.P. Morgan Securities LLC also acted as
capital markets advisor to Rover. Deutsche Bank Securities acted as
lead financial advisor, capital markets advisor and private
placement agent to Nebula Caravel Acquisition Corp. William Blair & Co., LLC, Stifel Financial
Corp., JMP Securities LLC, and Canaccord Genuity LLC also acted as
capital markets advisors and private placement agents to Nebula
Caravel Acquisition Corp. Wilson Sonsini
Goodrich & Rosati acted as legal advisor to Rover.
Simpson Thacher & Bartlett LLP acted as legal advisor to
Caravel.
About Rover
Founded in 2011 and based in Seattle, Rover is the world's largest online
marketplace for pet care. Rover connects pet parents with pet
providers who offer overnight services, including boarding and
in-home pet sitting, as well as daytime services, including doggy
daycare, dog walking, drop-in visits, and grooming.
About True Wind Capital
True Wind Capital is a San
Francisco-based private equity firm focused on investing in
leading technology companies. True Wind has a broad investing
mandate, with deep industry expertise across software, data
analytics, tech-enabled services, internet, financial technology,
and hardware. Rover is True Wind's 8th platform investment.
About Nebula Caravel Acquisition Corp.
Nebula Caravel Acquisition Corp. ("Caravel") is a blank check
company sponsored by True Wind and led by Adam H. Clammer and James H. Greene, Jr., who serve as Chief
Executive Officer and Chairman, respectively, formed for the
purpose of partnering with one high-quality technology business.
Caravel's merger with Rover follows Nebula Acquisition Corp.'s
successful merger with Open Lending (NASDAQ: LPRO) in June 2020.
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SOURCE True Wind Capital