The Sponsor is the founder of Ithaca Capital Partners, an investment company and asset manager with unique experience and in-depth knowhow in the target sectors and a track record of generating value in private and public markets.
- Repeat SPAC sponsor, with first ITHAX (“ITHAX I”) spac having successfully completed in July 2022 a business combination with Mondee (“Target”), an AI travel-tech company.
- Delivered a $70 million all-equity PIPE at $10, at a very challenging time during the previous SPAC cycle, referred to as a “rare, bright spot for SPACs” by the Financial Times
- Target achieved revenue projections, became EBITDA positive in the same year as the business combination and raised additional non-convertible preferred equity of $85m soon after the business combination
- Purchased all SPAC public warrants in an all-cash transaction of $0.65 per warrant
- Target completed secondary offering of over $50m at $10 one year post closing
- Joined Russell 2000 index as largest addition in Travel Technology
- Received equity research coverage from 7 leading analysts including one bulge bracket investment bank
- Target made 5 follow-on strategic acquisitions
- ITHAX I sponsor joined the board of the Target as Vice Chairman from business combination closing to today
- Investment and asset manager founded in 2017 by Orestes Fintiklis
- Proven track record in private equity investments
- Acquired and/or asset-managed 6 investments
- Already generated positive returns through refinancings and/or exits of all portfolio companies