Gibraltar SPAC to acquire vintage retailer LXR for $82.5 mln

Gibraltar Growth Corp (TSX: GBG.A-WT), a Canadian special purpose acquisition corporation, has agreed to buy LXR Produits de Luxe International Inc, a Montréal-based retailer of branded vintage luxury handbags and accessories. The deal, which is Gibraltar's qualifying acquisition, reflects a purchase price of $82.5 million. As a result of the acquisition, expected to close in June, LXR will become a publicly-listed company led by its founders, Fred Mannella and Kei Izawa. Gibraltar, an affiliate of Gibraltar & Co Inc, raised $100 million in an initial public offering in 2015. It said the LXR deal is fully funded and supported by more than half of its shareholders.

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