HYAC - Odeon finds a SPAC deal ripe for market consolidation

A look at the special-purpose acquisition space leads Odeon to a bullish take on Haymaker Acquisition Corp. II (HYAC), set to combine with Israel-based ARKO Holdings - "the most aggressive consolidator in the Convenience Store market." Haymaker II comes from the same "seasoned" SPAC sponsor as Haymaker I, which pulled off a combination with OneSpaWorld last year, a deal Odeon thinks was solid even as the cruise business got slammed by the COVID-19 pandemic. The deal with ARKO has more compelling growth prospects, however, Odeon says. A conference call about the proposed deal shined a light on its many moving parts, but it's essentially "a relatively simple arbitrage opportunity for ARKO that appears repeatable and defensible for the foreseeable future," Odeon says. "ARKO is the most active consolidator in the sweet spot of a highly fragmented market," the firm says. "It has historically been able to create acquisitions for roughly

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Odeon finds a SPAC deal ripe for market consolidation