Benzinga | Sep 3, 2020 08:30AM EDT

Tommy Hilfiger, PIMCO Attached To Sandbridge Acquisition SPAC

The SPAC market continues to stay hot, and one of the newest announced SPACs has Tommy Hilfiger and PIMCO attached.

The Leadership Team: The CEO, CFO and COO of Sandbridge Acquisition Corporation (NYSE:SBG) all come from sponsor Sandbridge Capital, a global consumer-focused investment firm.

Fashion icon Tommy Hilfiger, who will be an advisor, is the standout name in a Tuesday SEC filing by Sandbridge Acquisition Co.

Hilfiger launched his namesake brand in 1985, and it sold a decade ago to PVH Corp (NYSE:PVH) for $3 billion.

Hilfiger will help by "sourcing and negotiating with potential business combination targets"; "provide business insights when we assess potential business combination targets"; and "provide business insights" in the acquired company.

Hilfiger is not a paid employee and will earn 30,000 founder shares for his role.

PIMCO, a global investment management company with $1.9 trillion in assets, is the other main sponsor of the SPAC. PIMCO has expressed an intent to purchase 1.98 million units at the offering price.

The Offering: Sandbridge Acquisition Corporation will sell 20 million shares at a price of $10 each for expected proceeds of $200 million. Each share will come with one half a warrant good to buy a share at $11.50. The shares would list on the NYSE under the ticker "SBG."

About Sandbridge Acquisition Co.: The SPAC will target a company in the following fields: modern consumer brands, disruptive consumer brand technologies, beauty and personal care, luxury and health and wellness.

Sandbridge said it is seeking a company with a strong position to become a top two brand in their respective market.

Tommy Hilfiger. Photo by Kunstakademiets Designskole via Wikimedia.