(Bloomberg) -- Investment firm &Vest is planning an initial public offering of a blank-check company targeting the restaurant sector, according to people with knowledge of the matter.
The New York-based firm, which describes itself as providing “creative capital,” has filed confidentially with the U.S. Securities and Exchanges Commission ahead of an IPO of a vehicle dubbed Fast Acquisition Corp., said the people, who asked to not be identified because the potential transaction isn't public.
The firm will be run by &Vest Co-founder Doug Jacob and Samuel “Sandy” Beall, the founder of restaurant chain Ruby Tuesday, one of the people said. They will be co-chief executive officers, this person said.
It may seek to go public as soon as next month, said one of the people. That would make it the latest in a flurry of special purpose acquisition corporations, or SPACs, to list in 2020. Merging with a SPAC has become a popular way for private companies to go public during a period of economic and market instability.
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A representative for &Vest declined to comment.
Co-founded by Jacob and Michael Lastoria, &Vest's holdings include pet wellness brand Jinx and Butler Hospitality, a so-called “ghost-kitchen” operator, according to its website and company announcements.
Lastoria is also chief executive officer of &pizza, a fast-casual chain that counts billionaire Stephen Ross's RSE Ventures among its investors.
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