Outside the Region: Neibart and Hehir close IPO of Trinity Merger Corp.; $345 million total

Honolulu, HI Trinity Merger Corp., a special purpose acquisition vehicle led by real estate investment professionals Lee Neibart and Sean Hehir, has closed its initial public offering (IPO) raising gross proceeds of $345 million.

The company sold 34.5 million units at $10 per unit in the IPO, which includes 4.5 million units issued pursuant to the underwriter’s exercise of its over-allotment option in full. The company’s units began trading on the NASDAQ Capital Market under the ticker symbol TMCXU.

B. Riley FBR, Inc. served as sole book-running manager.

Each unit consists of one share of the company’s class A common stock and one warrant to purchase one share of the company’s class A common stock at an exercise price of $11.50 per share.  Once the securities comprising the units begin separate trading, the class A common stock and warrants are expected to be listed on NASDAQ under the symbols “TMCX” and “TMCXW,” respectively.

The company intends to focus on business combination candidates with a real estate component and an enterprise value of $750 million to $2 billion.

Neibart serves as the company’s chairman and Hehir serves as its CEO and president. The two have worked together for more than 20 years, partnering on several large institutional real estate transactions. Altogether, the Company’s leadership team has acquired more than 50 hotels with more than 30,000 keys in the United States and abroad.

Neibart has more than 40 years of experience in commercial real estate investing, mergers and acquisitions, and strategic business planning. He has held senior leadership roles at Ares Real Estate Group, HBS Global Properties and AREA Property Partners. Neibart also has experience serving as a director for various public and private companies. The Company represents Mr. Neibart’s second real estate-related SPAC. He took NRDC Acquisition Corp. public in October 2007. That vehicle converted to a real estate investment trust and changed its name to Retail Opportunity Investments Corp. (NASDAQ: ROIC) in 2009.

Hehir has more than 20 years of experience in real estate investment and asset management, and currently serves as the president and CEO of Trinity Real Estate Investments LLC, a private equity real estate firm. Since joining Trinity Investments in May 1998, Hehir has executed over $4 billion of global real estate transactions. Prior to joining Trinity Investments, Hehir worked for HVS International, a leading consulting firm to the hospitality industry.

In addition to Messrs. Neibart and Hehir, the Company’s board of directors includes Richard Wacker, president and CEO of American Savings Bank, F.S.B.; Catherine Luke, president and director of Loyalty Enterprises Ltd.; and Warren de Haan, co-founder and managing partner at ACORE Capital, LP.

The public offering was made only by means of a prospectus, copies of which may be obtained from: B. Riley FBR, Inc., Attention: Prospectus Department, 1300 14th Street North, Suite 1400, Arlington, VA 22209, or by telephone at (800) 846-5050 or by email at [email protected].