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ABOUT cascade

Cascade Acquisition Corp. (NYSE: CAS.U) is a Special Purpose Acquisition Company (“SPAC”) newly incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.

 

We intend to capitalize on the thesis-driven idea generation, significant sourcing capabilities, institutional investing expertise, and seasoned operating experience of our officers; including Jay Levine, Chairman of the Board of Directors of OneMain Financial (“OneMain”) and Daniel Hirsch, most recently a key advisor to a SPAC sponsored by Trinity Real Estate Investments LLC (“Trinity”). Jay Levine’s distinguished operating track record and leadership experience within public and private financial services markets spans over 30 years. Mr. Levine has served as Chairman of the Board of OneMain Financial (NYSE: “OMF,” f.k.a. “Springleaf”), a provider of personal loans and other financial services to consumers, since June 2018, and will continue in this role until December 31, 2020. He previously served as President, CEO and Director of OneMain from 2011 until 2018.

 

Through our sponsor, we are also affiliated with Waterfall Asset Management, LLC (“Waterfall”), an alternative asset manager founded in 2005 by Tom Capasse and Jack Ross, who each have over 30 years of experience making investments and providing liquidity to the financial services markets. With approximately $8 billion in net assets under management (as of August 1, 2020) and 15 years of successful transaction execution, Waterfall has developed industry-leading specialized financial services capabilities, with a competitive edge in transaction sourcing, durable counterparty relationships, data collection and analysis and highly accretive capital markets structures. Waterfall is also the external manager of a permanent capital vehicle, Ready Capital (NYSE: RC), a publicly traded multi-strategy real estate finance REIT focused on small to medium-sized business lending and residential and commercial real estate lending. Waterfall has achieved both organic and strategic growth, executing on its M&A, roll-up and carve-out experience with some notable examples including Ready Capital’s merger with ZAIS Financial Corp (NYSE: ZFC) and Ready Capital’s acquisitions of Owens Realty Mortgage and Knight Capital. Waterfall’s depth of platform acquisition capabilities is further exemplified by the acquisitions of financial services and financial technology businesses completed by Waterfall’s private equity team. Founded in 2017 and operating under the Waterfall umbrella, the private equity team co-headed by Mr. Weil and Mr. Nelligan targets private equity opportunities in the lower-middle market specialty finance and broader financial services sector, with a focus on special situations and secular opportunities created by economic, capital market, regulatory and credit performance shifts.

 

While we may pursue an initial business combination target in any industry, our thesis-driven investment strategy will focus our efforts in the financial services industry, specifically within asset management, consumer & business lending, CRE tech & services, FinTech & business process outsourcing, InsurTech & insurance services, mortgage origination, housing services & technology opportunities:

 

  • Asset management: non-correlated asset classes and non-traditional asset management models, innovative manufacturers of financial assets, administrators, servicers and special servicers

  • Consumer & business lending: advanced capabilities in data modeling, risk management and asset management, differentiated and defendable customer acquisition and risk management strategies, capital market strategies that create balance sheet relief, responsible lending models

  • CRE tech & services: fee-based services creating efficiency to the burdensome and expensive transaction life cycle, businesses focused on property management, operational efficiency and tenant experience

  • FinTech & business process outsourcing: data aggregation & analytics, risk management, compliance, businesses providing critical workflow to financial institutions

  • InsurTech & insurance services: models with unique products and/or customer acquisition strategies, specialized product design focused on regulatory capital arbitrage, rollup opportunity among niche brokerage and agencies

  • Mortgage origination, housing services & technology: disruptive and scalable mortgage platforms with competitive advantage in customer acquisition, origination and servicing cost, alternative home ownership and rental models, equity monetization, i-buyers, housing-related lead generation

 

The Waterfall management and private equity teams have known and worked with Mr. Levine for over 20 years. The combination of Mr. Levine’s operational expertise and executive leadership, Mr. Hirsch’s transactional experience and Mr. Weil and Mr. Nelligan’s advisory and investing track record presents a unique opportunity to bring all four professionals with differentiated histories of value creation under one umbrella. Given that the SPAC’s target scope and size differ from Waterfall’s strategies, we expect no potential conflicts in consummating a transaction; rather, by leveraging the respective individual professional networks, as well as the broader Waterfall platform infrastructure, we are confident of our team’s ability to source and capitalize on any opportunity that exists in the current market environment.

Further information is available in SEC filings by clicking the link below:

Cascade Acquisition Corp. SEC Filings

 
 

OUR team

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Mr. Jay Levine

Chief Executive Officer and Chairman

Jay Levine’s distinguished operating track record and leadership experience within public and private financial services markets spans over 30 years.

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Mr. Daniel Hirsch

Chief Financial Officer, Chief Operating Officer & Secretary

Daniel J. Hirsch brings significant transactional and investment expertise, including around several SPAC transactions.

Mr. Weil, our director, and Mr. Nelligan, Co-Heads of Waterfall’s private equity team, have a long-tenured track record in M&A advisory and public and private market capital formation transactions in the financial services sector.

ACQUISITION CRITERIA

 

We have identified the following general criteria and guidelines that we believe are important in evaluating prospective target businesses. We intend to seek to acquire companies that we believe:

 

  • Are fundamentally sound businesses that have a sustainable business model with the ability to successfully navigate the ebbs and flows of an economic downturn, and changes in the industry landscape and regulatory environment

  • Can benefit from the vast network, experience and guidance of our management team

  • Have a defensible market position and demonstrate differentiated competitive advantages with high barriers to entry against new competitors

  • Have recurring, predictable revenues and the history of, or the near-term potential to, generate stable and sustainable free cash flow

  • Exhibit unrecognized value and desirable returns on capital

  • Are able to structure around or ring fence exposure to legacy assets to the extent desirable to enhance stockholder returns or reduce volatility of such returns

  • Have the potential for strong and continued growth both organically and through add-on acquisitions

  • Are at an inflection point and would benefit from a catalyst such as incremental capital, innovation through new operational practices, product creation or additional management expertise

  • Can benefit from the application of innovative financial services technologies;

  • Have publicly traded comparable companies which operate in a similar industry sector or which have similar operating metrics which may help establish that the valuation of our initial business combination is attractive relative to such public peers

  • Are positioned to be a publicly traded company and can benefit from being a publicly traded company, with access to broader and more efficient capital markets, to drive improved financial performance and achieve the company’s business strategy

 

These criteria and guidelines are not intended to be exhaustive. Any evaluation relating to the merits of a particular initial business combination may be based, to the extent relevant, on these general criteria and guidelines as well as other considerations, factors and criteria that our management team may deem relevant.

Corporate governance

 

CONTACT US

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