Acasta to buy Apollo, JemPak, Stellwagen in $1.2 bln round of deals

Acasta Enterprises Inc (TSX: AEF), a Canadian special purpose acquisition corporation (SPAC) has agreed to acquire three businesses alongside its launch as a private equity firm. Acasta agreed to buy two Toronto private label consumer staples companies, Apollo Health & Beauty Care and JemPak Corp, as well as Irish aircraft leasing company Stellwagen Finance Co. The deals reflect a combined enterprise value of $1.2 billion. Acasta, which is led by Anthony Melman, formerly a partner and managing director at Onex Corp, raised $402 million in an initial public offering in July 2015. It said it plans to focus on additional deal opportunities directly or through a series of private equity funds, the first of which will launch in early 2017.

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