Gibraltar Growth Corp. completes qualifying acquisition of LXR Produits de Luxe International

Gibraltar Growth Corp. (TSX: GBG.A, GBG.WT) (Gibraltar Growth), a special purpose acquisition corporation (SPAC), completed its qualifying acquisition of 100 per cent of all the issued and outstanding shares of Montréal-based LXR Produits de Luxe Internationale Inc. (LXR) for an aggregate purchase price of $82.5 million. Gibraltor Growth closed a concurrent private placement of 2,500,000 Class B Shares at $10.00 per Class B Share for gross proceeds of $25 million. On closing of the qualifying acquisition, Gibraltar Growth changed its name to LXRandCo, Inc. and became a publicly-listed company trading on the TSX under the symbols “LXR” and “LXR.WT,” respectively. LXR will continue to be led by its founders Fred Mannella and Kei Izawa, along with its current management team. 

This transaction marks the final qualifying acquisition of Canada’s “First Generation” SPACs. 

LXR is a rapidly growing, international omni-channel retailer of branded vintage luxury handbags and accessories. LXR sources and sells authenticated, high quality pre-owned products from iconic luxury brands such as Hermès, Louis Vuitton, Gucci and Chanel, among others, through a retail network of stores located in major department stores in Canada, the United States and Europe; wholesale operations primarily in the United States; and its own e‑Commerce website, www.lxrco.com. 

Goodmans LLP represented Gibraltar Growth with a team led by Stephen Pincus and Bill Gorman that included Victor Liu, David Coll-Black and Nofa Khadduri (corporate/M&A), Lisa Mantello (banking), Jon Northup and Ken Saddington (tax), Susan Garvie (employment) and Francy Kussner (insurance). 

Mannella Gauthier Tamaro, Avocats Inc. represented LXR with a team that included Luc Mannella and Natalia Quiroz. 

Stikeman Elliott LLP represented Canaccord Genuity Corp., the financial advisor to the Corporation and sole agent on the private placement, with a team that included Simon Romano and William Scott.

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