Two SPACs led by Russell Galbut and Michael Liebowitz each file for $100M IPOs

Companies will target investments in hospitality, proptech, insurance tech and more

Miami /
Mar.March 10, 2021 06:00 PM
Russell Galbut and Michael S. Liebowitz (iStock)

Russell Galbut and Michael S. Liebowitz (iStock)

Developer Russell Galbut and investor Michael S. Liebowitz are rolling out the SPACs.

The two partners, who last year raised $115 million for their New Beginnings Acquisition Corp. blank check company, filed initial public offerings for two more companies, New Beginnings Acquisition Corp. II and New Beginnings Acquisition Corp. III, each targeting $100 million raises.

Liebowitz said the Miami Beach-based companies both plan to target travel, hospitality, leisure, financial technology, insurance technology, and proptech. Shares will be priced at $10 each.

“We decided to file two more SPACs because we think the market for SPACs is going to stay strong for a long time,” Liebowitz said. SPACs, or special purpose acquisition companies, have made a comeback across industries in recent months.

Galbut, co-founder and managing principal of Miami-based Crescent Heights, serves as chairman of New Beginnings. Liebowitz, managing director and executive vice president of Alliant Insurance Services, is director and CEO.

Their first blank check company, New Beginnings Acquisition Corp., recently announced a merger with Airspan Networks, a 5G network company. The merger is expected to close at the end of the third quarter and will be valued at $822 million.

Though they can’t be used to acquire individual properties, SPACs can acquire businesses with real estate assets. A number of proptech-focused blank check companies have launched over the past year and are hunting for deals.






    Related Articles

    arrow_forward_ios
    Developers David Martin, Russell Galbut and renderings of the project.
    David Martin and Russell Galbut start sales of Five Park condo tower in South Beach
    David Martin and Russell Galbut start sales of Five Park condo tower in South Beach
    Major Food Group partners Rich Torrisi, Jeff Zalaznick and Mario Carbone over Miami/Miami Beach (Getty, iStock)
    Major plans: Major Food Group to open four more restaurants in Miami, Miami Beach
    Major plans: Major Food Group to open four more restaurants in Miami, Miami Beach
    Russell Galbut and a rendering of the project (Studio MCG Architecture)
    Russell Galbut wants to turn South Beach hotel and adjacent building into offices and restaurants
    Russell Galbut wants to turn South Beach hotel and adjacent building into offices and restaurants
    Tony Cho (Photos via Metro 1, iStock)
    Tony Cho launches company focused on climate change and social activism
    Tony Cho launches company focused on climate change and social activism
    Keith Rabois and Peter Thiel with Wynwood Annex (Getty, Dwntwn Realty Advisors)
    Founders Fund, Atomic and OpenStore ink long-term leases in Wynwood
    Founders Fund, Atomic and OpenStore ink long-term leases in Wynwood
    David Martin and Russell Galbut with a rendering of 500 Alton Road
    Miami Beach developers nab $345M construction loan for 500 Alton
    Miami Beach developers nab $345M construction loan for 500 Alton
    Jefferson Brackin, Russell Galbut and Marisa Galbut (GFO Investments, NoBe Creek LLC)
    Galbut development group scores approval for mixed-use North Beach resi project
    Galbut development group scores approval for mixed-use North Beach resi project
    Matis Cohen and Russell Galbut with the original building and a rendering of the Normandy Isles project
    Matis Cohen, Russell Galbut score approval for Normandy Isles project in Miami Beach
    Matis Cohen, Russell Galbut score approval for Normandy Isles project in Miami Beach
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...