Former NFL quarterback and social activist Colin Kaepernick is the latest public figure to form a special purpose-acquisition company (SPAC) seeking to raise upwards of $250 million to create a positive social and cultural impact.
According to a filing with the Securities and Exchange Commission, Kaepernick is the co-sponsor and co-chairman of Mission Advancement Corp., — a blank check company that aims to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses — which is also working in partnership with Jahm Najafi of private equity firm The Najafi Cos.
Mission Advancement Corp’s overall mission for this move is to focus on resolving racial injustice and diversity issues, while it also aims to acquire a consumer business with an enterprise value around $1 billion, MarketWatch shares.
“The mission of the Najafi/Kaepernick partnership is to identify, acquire and advance a company with the aim of creating meaningful financial and societal value,” the filing states. “We believe Mr. Kaepernick’s substantial business experience combined with his long-term leadership on racial equity and justice issues will support our success in identifying a prospective target company and adding transformational value to the combined entity.”
To stay true to its social mission, Najafi and Kaepernick have made it a priority to ensure the company’s independent board of directors is comprised of 100% Black, Indigenous and people of color, and is majority female.
Directors on this board include Google marketing executive Attica Jaques, former Apple executive Omar Johnson, Birchbox co-founder and CEO Katia Beauchamp, and Brian Lee, who co-founded The Honest Company with Jessica Alba and ShoeDazzle with Kim Kardashian.
The filing went on to say, “In addition, our team has indicated an intent to launch an initiative in connection with the consummation of our initial business combination to provide opportunities for college students from underrepresented communities to gain access to fellowships and full-time opportunities in business and finance.”
Though a target for the acquisition has yet to be confirmed, the company’s filing indicates that they’re looking for a business that reflects these three principles:
I. Consumers are investing in brands that reflect their social values and recognize that purchasing decisions can act as instruments of change.
II. Companies are becoming more mission-driven and seeking to align with culturally relevant social causes.
III. Brands are evolving into media platforms, enabling authentic cultural and celebrity influencers to help drive awareness, marketing exposure and value.
According to The Hollywood Reporter, Mission Advancement Corp. plans to leverage Kaepernick’s brand marketing and investment experience with his “mainstream popularity, massive reach and high-profile relationships” in order to attract investors.
After forming the acquisition, Kaepernick intends to stay hands-on as an owner, board member and global ambassador for the company.
