Peter Georgiopoulos: Return to Wall Street with new SPAC – Raised $230 million.

The new company, General Purpose Acquisition Corp (GPAC), led by Peter Georgiopoulos and Leonidas Vrontisis, initially raised $200 million, while an additional $30 million was added through the exercise of an over-allotment right by the underwriters.

The IPO, which was oversubscribed by about four times, was conducted with the US investment bank Jefferies as lead underwriter.

With this move, Georgiopoulos is attempting to return to the stock market spotlight, utilizing the SPAC model at a time when the traditional IPO market remains sluggish for shipping.

GPAC will have two years to complete a merger or acquisition.

According to the public offering documents, the company will focus on merging with a company that has a strong market position and a clear path to long-term value creation.

The SPAC’s primary focus is to seek investment opportunities in shipping, supply chain and digital infrastructure. While other industries or geographies are not excluded, management has made it clear that priority will be given to companies that benefit from technological transformation, regulatory changes and new conditions in global trade.

Peter Georgiopoulos, a former shipbroker and investment banker, has extensive experience in capital markets, having led a total of five shipping companies to the New York Stock Exchange since the late 1990s.

As he has stated in the past, he has always been an advocate of mergers in the shipping industry and was open to both acquisitions and sales of companies, with the aim of ensuring the best possible returns.

At his side is Leonidas Vrontisis, former CFO of shipping company Gener8, which Georgiopoulos founded and listed on the New York Stock Exchange, and then sold to Belgian shipping company Euronav in 2017.

The two men are also co-founders of Athens-based shipping company United Overseas Corp, which has a fleet of 14 tankers, according to its website.

Stuart Crawford, who is also CFO of United Overseas Corp., has been appointed as CFO of GPAC.

“Collectively, our management team has a proven track record of growing and expanding businesses and creating shareholder value, having raised over $20 billion in private and public markets over the past 25 years,” the new special purpose vehicle’s prospectus states.

Beyond traditional shipping, GPAC’s investment interests extend to related sectors, such as marine technology, ship management, marine services, logistics, and data centers, reflecting the strategic return of Peter Georgiopoulos with a new focus and expanded investment horizon.