Custom Health to Go Public Via SPAC at $185 Million Valuation

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Ref: Bloomberg

Published: 12/27/2023

Custom Health to Go Public Via SPAC at $185 Million Valuation
  • Digital healthcare firm Custom Health is going public in a merger with a blank-check company at a pre-money equity valuation of $185 million, Bloomberg reported. 
  • According to a person familiar with the matter, the deal with Berenson Acquisition Corp. I will provide the firm with the $11.1 million in trust that the special-purpose acquisition company holds, assuming no redemptions, as well as potential additional financing.
  • The source said proceeds from the transaction will be used to fuel organic growth and allow Custom Health to continue its add-on acquisition strategy.
  • Custom Health uses software to help fully automate pharmacies while providing at-home medication management solutions and real-time clinical oversight. 
  • The company hopes to grow by acquiring pharmacies which can enable it to provide medications and technology in a single offering to benefit patients and payers.
  • The merger is expected to close in the second quarter of 2024 and was approved by the SPAC and Custom Health’s boards.