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SPAC Deal: Another Deal for the True Wind team as TWC Tech Holdings II (TWCT) to take Cellebrite Public in a $2.4B Deal

The transaction with TWCT values Cellebrite equity at $2.4B and is supported by a $300M PIPE. This marks the 3rd deal for Adam Clammer's True Wind Capital SPACs.

Cellebrite, an Israeli Digital Intelligence provider, agrees to a deal with True Wind Capital SPAC, TWC Tech Holdings II. The company generated $195mm in revenues in 2020 and projects that number to grow to $283mm this year.


Cellebrite Investor Deck

PIPE Financing

The transaction is supported by a $300M PIPE, with participation from Light Street Capital and Makena Capital, and strategic investor Axon Enterprise, Inc. The proceeds from the PIPE will largely be to buy out certain existing shareholders of Cellebrite

See the press release here

The stock is expected to trade on NASDAQ under the symbol CLBT when the transaction closes. 

Sponsor History - True Wind Capital

True Wind Capital, led by CEO Adam Clammer, has had a (mostly) successful track record to date. Open Lending (LPRO), product of their first SPAC Nebula Acquisition, has been a home run, up over 280% from the original SPAC IPO. 

Their second, Nebula Caravel Acquisition (NEBC) has struck a deal with Rover, which is waiting to close. Shares are trading sub $10, so time will how that story shakes out but remember we've seen some big post-deal moves on strong execution/announcements (see: DMYD). 

True Wind has 2 announced deals and 4 SPACs waiting in the wings to price. 

True Wind has 2 announced deals and 4 SPACs waiting in the wings to price. 

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