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  "documentTitle": "F45 | SPAC Presentation Deck | 52 slides",
  "authorId": "f45",
  "authorName": "F45",
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  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2020-06-01 00:00:00",
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  "notes": "Includes detailed financial breakdown of a SPAC transaction.",
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      "text": "PRO FORMA OWNERSHIP AT CLOSE",
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      "text": "Note: Transaction assumes no redemption by SPAC shareholders. Up to $204mm to be provided in part to co-founder...",
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      "kind": "paragraph",
      "text": "F45 Training to be acquired by Crescent Acquisition Corp... Transaction enterprise value of $845 million... Provides $55 million of incremental cash...",
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      "text": "CASH SOURCES & USES ($mm): Sources (SPAC cash in trust $254, FPA cash $50, Total $304) Uses (Cash to seller $204, Cash to balance sheet $75, Deal expenses $25, Total $304)",
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      "text": "SHARES OUTSTANDING: SPAC shareholders 25.0, SPAC sponsor 5.0, FPA 5.0, F45 53.3, Total 88.3",
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      "text": "PRO FORMA ENTERPRISE VALUATION AT CLOSE ($mm): Share price $10.00, Shares 88.3, Equity value $883, Net cash $(38), Enterprise value $845, 2021E EV/EBITDA 11.9x, 2021E P/E 16.9x",
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      "text": "TRANSACTION OVERVIEW",
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