Hedgeye CEO Keith McCullough is adding Fortress Value Acquisition Corp 2 to the long side of Investing Ideas. Below is a brief note.
Clearly some shorter-term Institutional Investors have been forced to sell some of their SPAC exposures here in the last month...
That presents great intermediate-to-longer-term (TREND and TAIL) opportunities for our Independent Research team. Unlike many, we do the deep work.
A new SPAC Long that we'll be presenting to Institutional Investors on APR 29th is Fortress Value Acquisition Corp 2 (FAII). This is a different business, obviously, than FVAC (MP) is.
But still one we like, fundamentally, especially at this time/price.
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Fortress Value Acquisition Corp II (FAII) entered into a definitive agreement to combine with ATI Physical Therapy. The deal comes at a time when the existing public comparison trades at a 20X EV/EBITDA and into what we think is a multi-year market acceleration following the pandemic. ATI is a market consolidator through a solid de novo and acquisition strategy. In addition, there is an opportunity to extend physical therapy to remote sites such as the patient home, using remote sensors, telemedicine, and other digital health technologies. |
Hitting the buy button below $10,
KM