EPISODE 206

CC Capital Founder Chinh Chu on Why SPACs are Now a Main Course to Going Public

35 minutes · October 29, 2020

Fresh off the successful combination of Utz Snacks with Collier Creek Holdings, a special purpose acquisition company, or SPAC, Chinh Chu steps Inside the ICE House to discuss why 2020 is the year of SPACs and that they’re here to stay. The Founder and Senior Managing Director of CC Capital -- and former Blackstone Managing Director -- has used his extensive private equity experience to spearhead the creation of four SPACs so far, and he’s just getting started.

Speaker 1:

From the library of the New York Stock Exchange at the corner of wall and broad streets in New York city, you're inside the ICE House, our podcast from Intercontinental Exchange on markets, leadership and vision and global business. The dream drivers that have made the NYSE and indispensable institution of global growth for 225 years. Each week we feature stories of those who hatch plans, create jobs and harness the engine of capitalism, right here, right now at the NYSE and at ICE exchanges and clearing houses around the world. And now welcome inside the ICE House, here's your host, Josh king of Intercontinental Exchange.

Josh King:

One of the first things I do when I visit my in-laws in Portsmouth New Hampshire is to head over to Moe's Italian sandwiches on Daniel street for a classic Italian with extra spicy oil. It's the original store of a now successful chain of franchises originally opened by Moe Wiener and bought by Phil Pagano, in 1959, whose family still runs the brand.

Josh King:

The sandwich, believe me is one of the best you'll ever savor. Add to it, a beer and a bag of Utz potato chips, which they sell, and you have in my humble opinion, the world's best meal. Moe's be the same without a bag of Utz itself.

Josh King:

A family brand founded in a small town in 1921 by Bill and Salie Utz cooking 50 pounds of chips an hour, out of their summer kitchen, in Hanover Pennsylvania.

Josh King:

So why am I telling you this? What if I told you that Utz brands incorporated and NYSE ticker symbol, U-T-Z, makers of cheese balls, pork rinds, pretzels, and the oh so addictive tortilla's guacamole flavored superior dipping chips is now listed on the exchange with a market cap of 2.2 billion.

Josh King:

If the Utz brand has been around for 99 years, how long is the Utz symbol itself been listed on the Exchange? A lot less than 99 days. It went public through a merger on August 31st with call your Creek holdings. That was NYSC ticket symbol CCH, a special purpose acquisition company, your SPAC, which in July valued the snack food company at 1.56 billion and 11.6 times multiple of its proforma, 2021 adjusted EBITDA.

Josh King:

Friends, 2020 has brought many unexpected twists and turns, and conditions in the capital markets have been no different. Though the SPAC itself is not new in true 2020 fashion, we've seen this vehicle raise money at a never before seen rate, as more companies look to get acquired by a spec in lieu of a traditional IPO.

Josh King:

As blank check companies surged in popularity this year, they attracted the attention from a slew of high profile celebrities, including former Trump economic policy, chief and Goldman Sachs president Gary Cohen, former house speaker, Paul Ryan, and most recently hoops legend Shaquille O'Neil. Our guest today, no stranger to the back world is considered one of Bloomberg's back moguls to watch.

Josh King:

Ahead of his time, he is spearheaded the creation of four SPACs since 2016. The first CF Corp raised 1.2 billion for the purpose of purchasing fidelity and guarantee life. The second Collier Creek Holdings raised 475 million to help it acquire Utz, and the third and fourth, CC New Burger and CC New Burger Two, raised 414 million and 720 million respectively to focus on acquiring businesses in the financial and technology sectors.

Josh King:

Our conversation with Chinh Chu on SPACs comes right after this.

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Josh King:

Our guest today, Chinh Chu is the founder and senior managing director of CC Capital, where he's spearheaded the creation of four backs since 2016, prior to founding CC Capital Chinh was a senior managing director and co-head of private equity at Blackstone, where he spent 25 years in senior leadership roles. Before joining Blackstone in 1990, Chinh worked at Solomon Brothers. In the mergers and acquisitions department, receiving his BS in finance from the University of Buffalo. Welcome inside the Ice House Chinh.

Chinh Chu:

Thanks, Josh, great to be here. As you talk about the Moe's of talent sandwich, it seems like a great lunch they have right now with some of potato chips. Sounds grate.

Josh King:

So what did you see in us? Looking at it?

Chinh Chu:

It's a great company. Family owned business, many generations, almost a hundred years, 99 years belonging to same family. Has a great brand name, we think there's a tremendous opportunity to expand the brand geographically, as well as expand the products within the brand as well.

Chinh Chu:

So we view this as a partnership with the families, really not a deal. We think of it as investment, and a SPAC is a great way to take company public in partnership with a family.

Chinh Chu:

And the advantages over an IPO as you know, is that you can cater or custom make the deal on a bespoke basis to suit what the family wants. And then you can provide the family with certain expertise, as we've learned through the years of Blackstone. And at the Utz deal we have a gentleman named Roger Deromedi, who was the chairman of Pinnacle. One of the most successful, was the most successful deals at last known for the food sector to help the company and help the family take it to the next level. And so we're real excited about it. It's a combination of a pedigree brand name, great asset to begin with and potential to and grow and expand pretty significantly.

Josh King:

Well, I looked at the Utz website. I read through the Utz's timeline of that 99 years with Bill and Salie, beginning it in Hanover, Pennsylvania, a lot of different people coming into it. You say, Chinh remains, family owned and steered. What did they want coming into it? And how did you tailor it to them?

Chinh Chu:

The family didn't want to sell, the family wanted to take something that's been in the family for all these years and take it to the next level. As you quoted out as $1.6 billion market cap, when we de-SPACed the company. The visions of the company and the family and us are congruent. We wanted to expand to a $5 billion company, a $10 billion company, a $15 billion company. So how do you do that? You take the brand name and the assets the company has right now. You supply with capital, you supply with ideas, you expand it geographically. And eventually we'll also make acquisitions. Also for the brand.

Chinh Chu:

The one thing that we bring would be the best practices that we've learned over all of our years at Blackstone over Roger's various years at pinnacle as the chairman of the company. And obviously he was also CEO craft. So he brings a wealth experience, in terms of how to expand business, how to grow the business. And for us, the deal was a must do given that my two daughter just absolutely love the cheese balls. They eat tons and tons of cheese balls every week. And it's a, great brand.

Josh King:

You and your family fled Vietnam in 1975, as Saigon was on the brink of falling to the Vietnam after escaping really on one of the last American military transports out of Tân Sơn Nhất International Airport, you landed in Honolulu, eventually settled in of all places, Queens. What was it like experiencing such a jarring transition as an eight year old? I

Chinh Chu:

I think it was more traumatic for my parents as a eight year old. It was somewhat life changing for me, but I get to relive it through the eyes of my parents who came here with six kids, no money. And we actually landed at Guam actually at a refugee camp before we ended up in Hawaii.

Chinh Chu:

Only in this country, would there be opportunities for all of us to do well. We see a great education and get our start in the various industries that we're in. So we're eternally grateful and, and humble by the opportunities that we're given. But it's really all about my parents and what they were able to do to navigate the new country, provide us with shelter, food, and a great education.

Josh King:

Do you have any memories of that day in Guam? What were your parents telling you and your brothers and sisters?

Chinh Chu:

That day in Guam was especially interesting given that my sister Kathy was born on April 30th, 1975, literally the day the country fell. So I remember vividly as an eight year old, the Vietnamese flag or the old Vietnamese flag being flown for the last time people were weeping and my mom was being rushed to the hospital to give birth to my sister. And it was an emotional moment for both the, almost the end of our nation to that extent and the birth of my sister. On the same day.

Josh King:

From an early age Chinh, you were fascinated as I understand it from the world of finance, reading about economics in your spare time, what did you learn about yourself as you would devour these books?

Chinh Chu:

I just love the entrepreneurism. I love the sense of business and how to figure out the pieces of the chess puzzle. And it's always been fascinating to me, the stories that, that have people made in America, and that attracted me to finance very early age.

Josh King:

Was there a particular book that left a particular impression on you?

Chinh Chu:

There were, there were many when I was young, I read a lot of these self-help books, whether it's think positively through a positive mental attitude, lot of Zigler books, seven effective habits of successful people. And those were a combination of business books and psychology books that, that left their imprint on me.

Josh King:

Your parents always strong believers in education, putting you and your five siblings through school. Did you always share this belief or how did that sort of pass down to you?

Chinh Chu:

Yeah. My parents always focused on education being the most important thing and being good people. Being the second most important thing, I think the output of that, whatever careers we ended up in were really outputs instead of the inputs of that. So they didn't focus on business per se, in Vietnam or the Vietnamese culture is really medicine, medicine, and medicine. So my dad's a doctor and there was a lot of focus on steering us toward becoming a doctor, which my sister's a doctor today.

Josh King:

Were they disappointed when you took a different path?

Chinh Chu:

I'm not sure they understand what I do up until today. No, I don't think they're disappointed, but it's just a very different path, given finance is not a real key industry in Vietnam or the culture I grew up in.

Josh King:

You were worked your way through college Chinh, at the University of Buffalo you sold educational books, door to door for Southwestern Co. becoming, I think one of the company's top sales people. Are there skills you learned on that job that still stick with you today?

Chinh Chu:

Talking about Buffalo, the other one we should be back is all the chicken wings places in Buffalo to compete against your most talent. I don't know if you had Duffs chicken wings. They're absolutely amazing.

Chinh Chu:

Look on the selling skills, Southwestern was a door-to-door book, selling company, selling educational books and cookbooks and church and story. And I think it provided for me an invaluable skillset taught me in an value of skillset in terms of how to communicate, how to be persistent and work hard. And I think those are invaluable skillset. Whether you become somebody in finance or management or any aspect of life.

Josh King:

Can you begin your career on wall street in the MA department at Solomon Brothers? The legendary John good friend, I think was CEO at the time, he of course made semi-famous through Michael Lewis's breakout bestseller, Liars Poker, were you witness to the scene where a good friend challenges John Maryweather to a $1 million hand?

Chinh Chu:

As a 21 year old young kid going graduating out of school, I was not, but as certainly the culture there is very interesting and legendary,

Josh King:

Two years after you joined Solomon, you joined Blackstone group, I think, which is then just under five years old. Steve Schwartzman was another guest on our show, founded the company along with Pete Peterson. Those were the early days and by no means ease the according to Schwartzman's account. What attracted you to the company at that early stage?

Chinh Chu:

I think it was attracted Pete and Steve full stop. Pete and Steve had this grand vision of what the business could be. And I was drawn to Steve's incredible energy, his vision, his enthusiasm, and I consider him the best deal maker at that time and of his generation. So here's an opportunity to learn and get exposure to Pete and Steve directly. And Steve has been incredible mentor of mine for the years and I owe... And a lot of people owe the data gratitude for Steve for what he's built, not only firm, but in the industry and is incredible the progress and the development that lasted through the years.

Josh King:

I mean, beyond the bold face names and finance like Schwartzman and Peterson, who are some of the other people who've been most influential to you?

Chinh Chu:

I'll tell you. Steve has been one of the mentors that somebody I look up to. And I've learned a lot from. There's a gentleman that I met on a plane once during my career at Blackstone, Fred Lee Barber, who's a mentor of mine from a personal level outside of finance. He taught me a lot about food and culture and just we're refine men. And obviously my parents are big mentors of mine as well. I own a debt of gratitude.

Josh King:

How did that relationship with Fred evolved in ways that would eventually teach you about food and culture? I'm curious.

Chinh Chu:

So it's interesting. I met up on the plane coming back from Taiwan on the business trip and we just took to each other. He was 20, 30 years older than I was. And he took me out to dinner every month for the next few years. And just taught me about food. Taught me about culture, classical music with absolutely nothing that he wanted in return. And it was just an incredible lesson for me that you should always give back and it's important to mentor people. And one of his sons, both of his sons ended up as the proprietaries of Blue Hill restaurant. And he taught his sons the right thing. He's just an incredible man.

Josh King:

I mean, talking about always giving back Chinh, even after forging your successful career at Blackstone and finance, you never forget out your roots in Vietnam when a flood devastated central Vietnam in 1999, you and your sister immediately set into motion, a plan to help you raise $20,000 from your friends and family using it to distribute supplies, to flood victims all across the country. How important is it to give back?

Chinh Chu:

I think we all need to give back. It's a for of which frankly, in an obligation for us to do so. And we feel it's very important. We're involved in a lot of causes, not only in Vietnam, but also in New York and in other parts of the world as well. With regards to Vietnam or organizations have built a number of schools, help with flood victims, as she said, and that initial, flood long, long time ago when we were young. But it's very, very important to give back, I think is an obligation and an honor.

Josh King:

I remember clearly, when president Clinton was the first US president to go back to Vietnam in the 1990s, I think he's been followed, I'm not sure if by every president since... but certainly president Trump. I remember his trip to Vietnam over the last few years. What's your take on the state of the country today?

Chinh Chu:

Vietnam is a growing economy. It has a lot of the elements of China 23 years ago. The people here there are hardworking, very high literacy ready, 98, 99%, and so it has a bright future ahead of it. It also has blessed with some natural resources as well. So it's a nice combination of a hardworking population, high literacy rate, still relatively with low wages, and it has natural resources, as an abundance.

Josh King:

After the break Chinh Chu, founder, and Senior Managing Director of CC Capital and I discuss how he used his extensive private equity experience to launch himself into the world of special purpose acquisition corporations, or SPACs. That's all right, after this.

Speaker 5:

Diversity is important.

Speaker 6:

Board diversity is important.

Speaker 7:

Board diversity is important.

Speaker 8:

Board diversity is very important,

Speaker 9:

Not just because it's the right thing to do, but because diverse leadership at companies creates better companies.

Speaker 10:

This is about Value, not value.

Speaker 11:

With more diversity, You built better companies,

Speaker 12:

diversity of thought, diversity of perspective,

Speaker 13:

Different perspectives, often yield, better outcomes.

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We need to have different perspectives with different backgrounds to really inform and find the best solutions for our Organizations.

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Companies that have more diverse boards perform better.

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Diverse teams are better performers. That is absolutely true in the boardroom as well.

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It makes a difference to the employees who work for companies. It makes a big difference for the communities in which they work.

Speaker 18:

Our business is about building leaders for the future. And that talent cannot be only half the population of the world.

Speaker 19:

What are you waiting for? 50% of the population. For some reason, isn't qualified. Let's put the smartest people we can in the boardroom and why ignore people or exclude people for any reason other than that, they're not qualified.

Josh King:

Welcome back before the break Chinh Chu, founder and Senior Managing Director of CC Capital. We Were discussing his early life and his successful career in finance. Chinh in 2015, after 25 years at Blackstone, you set up your own private equity firm, CC Capital, walk us through the process of starting your own firm. What made you decide to take that leap of faith?

Chinh Chu:

I was very excited to set up CC Capital. Our focus at CC Capital is to invest in high quality companies that have long term compounding potential, with significant bears the entries. So in some ways we can narrow the aperture of the companies we take a look at, and invest in. And we invest in companies both on a SPAC basis whereby we take companies public via SPAC, as well as a private basis, such as the Dun & Bradstreet transaction that we led as well.

Josh King:

What's your first great SPACs story?

Chinh Chu:

The SPACs market has really grown since we raised up our first SPAC for that year. When we raised our first SPAC which is CF Corp, when I did jointly with Bill Foley, the totality of this back mark was about $5 billion. Today the market has a mushroom in 2020 is over $35 billion of SPACs being raised.

Chinh Chu:

And what I like about the SPACs market, is that, it's an ability to take companies public that is an alternative in some ways, a better alternative than IPO, that you can partner up with families or sell as a businesses, it created bespoke transaction to take these company public.

Chinh Chu:

And there's creativity associated with this SPAC market, in that every deal is different it's not a traditional IPO. And our first deal was one that we took it, a company public while it was a public company already. It was one of the few public to public in a SPACs market. Whereas the Utz transaction, we partner up with the family to take that public. So every deal is different, every deal is creative. And we like that.

Josh King:

I remember reading about some of the famous deals that Steve did at Blackstone, but how is running a SPAC and how are SPAC deals different from the private equity transactions that you were so familiar with for a quarter century working with Steve?

Chinh Chu:

So in some ways they are very, very different. A private equity deal, oftentimes, and most times involve significant leverage. Five times leverage to seven times leverage in a private equity deal. A SPACs deal, since you're taking a public involves very little leverage, you're structuring a SPACs deal at two times, four times leverage at most.

Chinh Chu:

A private equity deal is taking a company private or keeping it a private domain. A SPACs deal is taken to company public, and therefore you have liquidity and you have public shares as you pointed out as trading a public marketplace.

Chinh Chu:

So it's some ways almost opposite of each other. So we don't think the SPACs deals per se conflict, with that of private equity. The Dun & Bradstreet deal was a traditional private equity type deal, which we did outside of our SPAC business. So Dun & Bradstreet was publicly traded company. It's been around for 174 years. We took that private in February of 2019. We led a consortium which included Bill Foley and T.H.Lee and a number of other prominent dusters.

Chinh Chu:

That was a going private transaction where we thought it was much better for this company to go private, restructure, improve in all aspects. And they go public again.

Chinh Chu:

So it was a $7.1 billion transaction where the equity check was $2 billion. There was a billion dolloars of pref, and then there was $4 billion of financing. Once again, the financing represented very high, multiple EBITDA relative to SPAC deal.

Chinh Chu:

The company then was able to go public again, after we made significant improvements to the company. July of this year, and today the $2.1 billion of equity is worth approximately $8 billion today day.

Chinh Chu:

So a significant gain over a very, very short period of time because of the improvements that were made to company. Number one, significant change in their management team, number two, a reinvigoration of revenue growth, and the company is just a much better company today.

Josh King:

Do you have a playbook of all the changes that you're going to need to do to improve a company over a short period of time that is sort of off the shelf? Or do you have to do it bespoke for each case like this one done in Bradstreet? Did you know what you had to do before you could actually get under the hood? Or did you had you spent enough time under the hood to know what was actually going to take place? Josh, in

Chinh Chu:

Josh in very transaction, every investment we conduct extensive due diligence. So by the time that we make the investment, we know exactly what needs to be done with the company. And each situation is different from the other. So certainly we have the playbook that I've learned over the years, whether it's at Blackstone or on my own, and I've learned from other CEOs and other private equity professionals. But when we distill that into what is needed for the company, what is appropriate for the company and we use it on a very specific basis.

Josh King:

You mentioned people like Bill Foley, Thomas H. Lee, I'm sure these are people you really love working with. Who are some of your favorite partners when you're working on a SPACs? Look,

Chinh Chu:

Look, I think we are blessed to have great partners and other deals as well. I think Roger Dini who's our partner on the Utz transaction, is what we call a water Walker. He has done such an incredible job with every company he's touched on the pinnacle transaction, that deal yielded approximately four times on the gain, four times our money, on for Blackstone.

Chinh Chu:

And then on a public basis after he took a public, the public also made four times the money before the eventual sale of pinnacle. So what he brings is a wealth of management experience, strategic experience had to expand the company, had to mentor and work with great management teams. And so we're very blessed to be partnered with Roger.

Josh King:

You have a long history and success with spas, chin that you started years ago before the product became so popular. The space has evolved so much over just the past five years, 2020 in particular, approximately 100 SPACs have raised over $35 billion this year, five years ago, only $4 billion raised by SPACs. What is happening this year?

Chinh Chu:

The SPAC market is now widely accepted by the corporate community. And the success of the previous specs has baguette a new round of fundraising and, and compounding the fundraising process. We, the spa product is where it was not a mainstream product five years ago is on today. And we do think the spa product is here to stay. Having said that there is concern, including a mind part regarding how much is being raised and what types of deals are getting done in the spa market today. And it's a, a natural evolution. You can have these F and flows where as you know, in finance money flows in, and then eventually it'll get tempered. If the deals that are being done in this back market are not doing well. However, we think that the deals available today for this back sponsors are significantly greater than the capital coming in.

Chinh Chu:

In other words, the, the capital formation is still not ahead of the deal flows available because what's happened is that the, for deals available, SPAC is just imploded as well. Whereas in the past fortune, private two companies would be resistant to consider APAC deal today they are, whereas in the past private equity firms would not consider a spa deal or would be hesitant to they're absolutely considered back deals today. The blue chip investment banks, the Morgan Stanley, Goldman Sachs CS bank of America. Everybody would advise that clients to take a look ATAK this today. So we think the spa market, a bright future, which has got to be careful to temper the right types of deals that go through SPAC and make sure the sponsors SPAC are the right sponsors going through.

Josh King:

So if SHA O'Neal or Paul Ryan, or Chinh chew come knocking at a door of a private company like us or somebody else, what are the reasons why a company might choose this spec business combination over traditional IPO as another way of entering the public markets?

Chinh Chu:

So the SPAC confers different advantages and significant advantages over IPO. Number one, as I mentioned, is that the spoke process where you can structure the deals differently compared to IPO. Oftentimes the seller or the family or the private equity firm or the fortune private venture company wants a different structure than the IPO. And this back offers that.

Chinh Chu:

Number two, these backing process is much more nuanced, and during those meetings you can offer, for example, three year projections that IPO cannot offer in such roadshow. And that also is advantage, especially for stories that need to be nuanced, that need to be explained that needs undo the layer underneath the surface.

Chinh Chu:

And number three, oftentimes its back process is faster than the IPO process. And so the combination speed, the nuancing of the story, and also the bespoke nature of it, advantages of a SPAC over an IPO process.

Chinh Chu:

Actually let me add one more thing, which I forgot on the three points I mentioned. The fourth point, why the SPAC is better than IPO also is that you have this sponsorship that a company this back worse than IPO, you don't have that sponsor and IPO. If X family or X company is selling to the market, you don't have the sponsorship. Here you have a Roger there maybe, here you have myself or some other sponsor, part of the buying of the stock, part of the board, part of the value creation afterwards.

Chinh Chu:

And that sponsorship, it was important not only on the way out to take the company public, but it's important thereafter in terms of value creation, thereafter in terms of when the original seller, if they decide to sell, there's no overhang issue in the market because the new sponsor sustain it. So that sponsorship is very, very important.

Josh King:

So we mentioned a hundred SPACsraising over $35 billion so far this year, looking at the activity in September and early October Chinh, are there any signs of the slowing down?

Chinh Chu:

I think there's in natural level to the SPACs market. We don't know what it is. It certainly is not going to be five years ago when it accounted for a very small portion of IPO market. But Josh, I think over time, I don't think it's going to be 40% of the IPO market as is this year. So where that natural levelers, we really don't know what we certainly think is somewhere between, and that natural level will settle down due course, but we think the stock this back market service day, we think there'll be more innovation for SPACs market, nd we think the accept acceptance of back deals have skyrocket. And now it's norm instead of a niche product.

Josh King:

So Chinh we've talked about us, we've mentioned CC Newburger and CC Newburger two. What makes all four of your SPACs different from the other spa IPOs this year?

Chinh Chu:

In the CC Newburger one and two, we have a significant structural differentiation versus other SPACs. Not only do we have a four purchase commitment FPA, but we also have a [inaudible 00:31:05] . So let me go into that.

Chinh Chu:

You mentioned there was a CC Newberger. One was a $414 million SPACs, that is added on to a $200 million for purchase commitment. So it's actually $614 million [inaudible 00:31:19].

Chinh Chu:

For purchase commitment is a commitment to fund deal without redemption and without the approvals. So that's a very powerful element. In addition to that, we have a 300 million back stop associated with this back. So what that means is that in the unlikely event, that there's redemption by the $414 million public shareholders, the $300 million back stop will be there to support that.

Chinh Chu:

This is important because when you are marketing to highest quality companies to partner up with, or to take public via SPAC, without the backstop and without the for participant, but more importantly, the backstop, you don't have that fun, certain deal. You don't have that back. And, and the weakness of the back yields has always been what happens in the backend, what happens with shareholders redeem. And we think we have certainly mitigated problem, maybe even solved the problem with the back up. And we're the only SPAC out there with the backstop, given our partnership with new. So we think that's a huge structural advantage that we have that is added on to our track record and, and our partnership ability in terms of value creation there afterwards. But the structure element is exceedingly important.

Josh King:

An impressive track record it is Chinh Chu. You can't be launching SPACs 24/7. What do you do in your spare time?

Chinh Chu:

No, I watch a lot of sports, whether it's the Lakers winning last night or watching a lot of baseball games and eating my Utz, potato chip, sports coming back has been a huge, huge thing. So I really, really enjoy sports watching and playing sports.

Josh King:

Someone wants to pursue a career like yours. What advice do you give them?

Chinh Chu:

Hard work, persistence and finding the right mentor. I was very fortunate to early in my career finding the right mentor, certainly hard work persistence are necessary ingredients to every career.

Josh King:

Bloomberg recently named you one of the SPAC moguls to watch, Chinh we'll certainly be watching, give us a heads up. What's next for you?

Chinh Chu:

Next is a lot of the same thing. I think finance evolves and we believe that creativity and innovation are required with finance. So as the SPACs market continues to grow, we'll continue to evolve and hopefully lead some of the innovation such as the structural element I've talked about. But in addition to SPACs, we continue doing private deals, evidence by the success that we've had on the dun street transaction. So we're excited about the future and looking forward to moving ahead.

Josh King:

Thanks so much Chinh for joining us inside the Ice House.

Chinh Chu:

Josh, thank you very much.

Josh King:

And that's our conversation for this week. Our guest was Chinh Chu, the Founder and Senior Managing Director of CC Capital. If you like, what you heard, please rate us on iTune, so other folks know where to find us. And if you've got a comment or a question you'd like one of our experts to tackle on a future show, email us at Ice House, the ice.com or tweet at us at icehouse podcast.

Josh King:

Our show is produced by Kearney Ferguson with production assistance from Ian Wolf and Ken Abel. I'm Josh king, your host, signing off from the library of the New York Stock Exchange, headed out for a couple bags of Utz. Thanks for listening. Talk to you next week.

Speaker 1:

Information contained in this podcast was obtained in part from publicly available sources and not independently verified, neither Ice nor affiliates make any representations or warranties. Express or implied as to the accuracy or completeness of the information and do not sponsor approve or endorse any of the content here in. All of which is presented solely for informational and educational purposes. Nothing here in constitution offered to sell a solicitation of an offer to buy any security or a recommendation of any security or trading practice. Some portions of the proceeding conversation may have

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