DJ Blank-Check Co. Juniper II, Backed by Former Honeywell Executive Roger Fradin, Files for IPO

By Maria Armental

Former Honeywell International Inc. executive Roger Fradin is backing another so-called blank-check company trying to raise about $400 million to invest in the North American industrials sector, targeting businesses with an aggregate enterprise value of $1 billion to $2 billion, according to a securities filing.

Juniper II Corp.'s management team would be led by Mr. Fradin as the chairman and Murray Grainger, another Honeywell veteran, as chief executive.

Mr. Fradin would retain a nearly 20% stake in Juniper II after the offering, according to documents filed with the Securities and Exchange Commission.

Mr. Fradin's son-in-law, Noah Kindler, is the chief financial officer and chief technology officer.

Blank-check companies, also known as special-purpose acquisition companies, or SPACs, are publicly traded companies that raise money for potential acquisitions and have become a popular tool among well-known executives.

Mr. Fradin was the CEO and now chairman of Juniper Industrial Holdings Inc., which has reached a deal that would take Janus International Group LLC public.

Juniper II intends to complete its first deal in about 24 months and sell about 40 million units at $10 apiece, with each unit consisting of a Class A share and one-fourth of a warrant.

The sponsor, which is controlled by Mr. Fradin, agreed to buy about 6 million warrants at $2 apiece in a private placement that is to close at the same time as the offering, according to the documents.

New investors would initially have limited say as only Class B shareholders would vote on the election of directors until the first deal is completed, and that initial deal may not be presented to new investors for approval, according to the documents.

Juniper II seeks to trade on the New York Stock Exchange with units trading under the symbol JUN.U, Class A shares under JUN and warrants under JUN WS.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

April 02, 2021 18:04 ET (22:04 GMT)

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