Prospect Acquisition Corp. is a special purpose acquisition company, more commonly known as a SPAC, formed for the purpose of acquiring control of one or more businesses in the financial services industry. In November 2007, Prospect raised $250 million in its IPO (AMEX:PAX). As a sponsor of Prospect, LLM made an investment in Prospect, simultaneously with the offering. LLM and the other sponsors’ investments plus the funds raised in the IPO were deposited into a trust account and will ultimately be used (potentially in combination with debt and additional stock and subject to shareholder approval) to consummate a business combination in the financial services industry.
The Endurance International Group is a leading provider of shared web hosting services to small businesses. Founded in 1997, Endurance is focused on acquiring the subscriber bases of other less cost-efficient shared hosting service providers and migrating those subscriber bases onto its hosting platform. In May 2007, Endurance acquired iPower, Inc., another leading provider of shared web hosting services to small businesses. In October 2008, Endurance was acquired by Accel-KKR LLC.
