Orlando-based Innventure LLC — a fast-track business scaler — will merge with Los Angeles-based special purpose acquisition company (SPAC) Learn CW (NYSE: LCW) and make its initial public offering soon after.
The two companies have entered into a binding business combination agreement that will likely close by the end of 2023, said an Oct. 24 news release. Upon closing, the company will be valued at $385 million and retain the name Innventure, with headquarters in Orlando, said CEO Bill Haskell. If all goes as planned, Innventure will become Central Florida’s 24th publicly traded company.
Innventure was founded in 2015 by Mike Otworth, Dr. John Scott, and Rick Brenner. Haskell said in a prepared statement that the transaction would give Innventure a strong balance sheet to help the company “navigate market fluctuations while aggressively building new companies."
To date, Innventure has launched and built three tech companies.
- Orlando-based PureCycle Technologies, Inc. (Nasdaq: PCT) was established in 2015. Its technology converts recycled polypropylene into a renewable resource through a purification process.
- Orlando-based AeroFlexx, founded in 2018, utilizes flexible film to create a package for liquid products that uses up to 85% less virgin plastic versus traditional rigid bottles.
- Austin, Texas-based Accelsius was founded in 2022 and developed thermal cooling technology for datacenters and telecommunication systems.
Learn CW CEO Rob Hutter said in a prepared statement that Innventure is good at identifying marketable technologies and “provides the foundation for what could become a highly promising, durable opportunity generation platform that is unique in the market today.”
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