(Bloomberg) — Biote Holdings, a provider of hormone-replacement therapies, is going public through a merger with blank-check company Haymaker Acquisition Corp. III, according to people with knowledge of the matter.
The combination of Irving, Texas-based Biote and the special purpose acquisition vehicle will be valued at about $740 million, said the people, asking not to be identified discussing private information. The transaction also includes about $80 million in debt financing from Truist Bank that will meet the minimum cash requirement to close the deal.
An announcement could come as soon as Monday, the people said. Representatives for Biote and Haymaker Acquisition III declined to comment.
Founded in 2011 by obstetrician-gynecologist Gary Donovitz, Biote uses pellets inserted under the skin to deliver hormonal treatments to both men and women. It also trains practitioners to diagnose symptoms of potential hormone imbalance, and to perform the treatments.
Haymaker Acquisition III raised $317.5 million in its March initial public offering. Started by brothers Steven Heyer, former chief operating officer of Coca-Cola Co., and private equity investor Andrew Heyer, the blank-check company set out to find a target in the consumer products or services industry, according to its listing documents.
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