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This Week's Chicago Deal Sheet (May 5, 2021)


A Canadian manufacturer last week chose the Chicago region to host its first U.S. facility. Lion Electric Co. will manufacture its all-electric medium- and heavy-duty urban vehicles at a 906K SF facility under construction at 3835 Youngs Road in southwest suburban Joliet. Gov. J.B. Pritzker, along with many other state and municipal officials, joined the company’s leaders on Friday to announce the $70M project.
“The new Joliet facility will put Illinois at the forefront of a national movement to transition to zero-emission vehicle use, advancing our own goals of putting 1 million of these cars on the road by 2030,” Pritzker said Friday. “In Illinois, we know that a clean energy economy is about more than just vehicles  it’s about healthier communities and jobs for those who live there.” ....

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More Celebrities Are Involved in SPACs. Investors Should Be Wary.


With more SPACs on the market, there is more competition for investor dollars and for attractive merger targets. “SPAC offs,” where companies meet with several SPACs in a row and then choose which to merge with, have become commonplace. In some cases, having a celebrity on your side might just clinch a deal.
For investors, there are more opportunities, and it’s important not to be dazzled by celebrity star power. Investors are better off focusing on SPACs from sponsors with strong track records from previous ventures, major institutional backing, and compensation aligned with investors. Management and board members should have a background that suits the SPAC’s target industry. A current or retired CEO with operational experience is most valuable of all. ....

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