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.
Advisors
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.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, including statements regarding the expected future
performance of GCM Grosvenor's business and the completed business
transaction. These forward-looking statements generally are
identified by the words "believe," "project," "expect,"
"anticipate," "estimate," "intend," "strategy," "future,"
"opportunity," "plan," "may," "should," "will," "would" and similar
expressions. Forward-looking statements are predictions,
projections and other statements about future events that are based
on current expectations and assumptions and, as a result, are
subject to risks and uncertainties. Many factors could cause actual
future events to differ materially from the forward-looking
statements in this press release, including without limitation, the
historical performance of our funds may not be indicative of our
future results; risks related to redemptions and termination of
engagements; effect of the COVID-19 pandemic on our business; the
variable nature of our revenues; competition in our industry;
effects of government regulation or compliance failures; market,
geopolitical and economic conditions; identification and
availability of suitable investment opportunities; and risks
related to the performance of our investments. You should carefully
consider the foregoing factors and the other risks and
uncertainties described in the "Risk Factors" section of the joint
registration statement/proxy statement on Form S-4 filed by
GCM Grosvenor Inc. and its other filings with the U.S. Securities
and Exchange Commission. These filings identify and address other
important risks and uncertainties that could cause actual events
and results to differ materially from those contained in the
forward-looking statements. Forward-looking statements speak only
as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and GCM Grosvenor
assumes no obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise, except as required by law.
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SOURCE GCM Grosvenor; CF Finance Acquisition Corp.