Good Harbor Partners raises $58.3 million in IPO
BOSTON--Good Harbor Partners Acquisition Corp. is the latest firm to raise millions of dollars--$58.3 million, to be precise--with plans to use that money to fund acquisitions of companies in the global and commercial security market.
The company, known as a special purpose acquisition vehicle, completed its initial public offering in mid-March, six months after filing an S-1 form with the Securities & Exchange Commission to make its intentions known.
And, the company could secure its first acquisition before the end of this year, said Richard Sheridan, chief executive officer of Good Harbor Partners.
According to SEC rules, the company has 24 months from the start of its financing to complete an acquisition, or it must refund shareholders. The SEC also mandates that the size of its first deal represent no less than 80 percent of the funds held in trust. For Good Harbor Partners, that amounts to $43 million of its $58.3 million.
Unlike specialty investment firm Fortress America Acquisition, which raised $42 million in July 2005, Good Harbor Partners plans to steer clear of companies focused on homeland security or the federal government market.
Good Harbor Partners plans to concentrate its efforts on access control, asset tracking, cyber security, detector technologies and intelligent video markets, while Fortress is eyeing the bio-defense, hazardous material cleanup and emergency preparedness markets.
"They're all areas where physical security and the cyber world are converging," said Sheridan, about Good Harbor Partners' acquisition focus. "And, we're very much looking at how to create an opportunity out of that convergence."
The management and board of directors team at Good Harbor Partners is made up of several high profile people, including co-founder Richard Clarke, former White House security advisor; Roger Cressey, former White House counterterrorism and cybersecurity advisor; Brian Stafford, a former director of the U.S. Secret Service; and John Tritak, who was responsible for critical infrastructure for the Department of Defense.
Tom Clatosti, former chief executive officer of Viisage Technology, and Jack Mallon, founder of Mallon Associates, are also part of the management team.