Playboy Enterprises Inc. is merging with special purpose acquisition corporation Mountain Crest Acquisition Corp., bringing the iconic brand back to public...
Playboy Enterprises Inc. is merging with special purpose acquisition corporation Mountain Crest Acquisition Corp., bringing the iconic brand back to public markets after about 11 years as a private company.
To limit dilution, Playboy has agreed to purchase 700,000 Mountain Crest shares at $6.35 a share. Playboy shareholders have agreed to a one-year lockup, subject to a partial release if after six months the stock has traded at $14 for 20 out of 30 consecutive days. Hefner took it private in 2011 in a deal that was partly financed with equity provided by Rizvi Traverse.
The company today focuses on four categories: sexual wellness, including products such as condoms; style and apparel; gaming and lifestyle; and beauty and grooming. Playboy is expecting its sexual-wellness category, which includes CBD-based “arousal products” and “natural” erectile-dysfunction products, to become an addressable market worth $400 billion in the next four years. The segment is expected to account for about 40% of 2020 revenue.
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