Only a glitch

6 April 2021 By John Foley Follow @johnsfoley

Former First Boston banker Brian Finn is using other people’s money to buy Sarcos, a robot maker in which he’s already an investor. The conflict-laden deal was negotiated in mere weeks. If Sarcos’ bionic product succeeds it will be a deal to remember. Doubly so if it fails.

This content is for Subscribers only

Context News

An investment fund run by former Credit Suisse First Boston banker Brian Finn agreed to buy robotic-exoskeleton maker Sarcos at a pre-deal equity valuation of $1.2 billion. Rotor Acquisition will contribute up to $276 million in cash, and other investors will add $220 million.

Finn is also an investor in Sarcos, as are Rotor’s chief financial officer and one of its four directors. The deal was overseen by a special committee headed by Chairman Stefan Selig, who worked with Finn at investment bank First Boston in the 1980s before it became part of Credit Suisse.

Sarcos forecasts $9 million of revenue in 2021, according to a company presentation, but expects that to grow to $2.7 billion by 2026. Its business model hinges on two exoskeleton models that will go into low-rate initial production by the middle of 2022.

Context News

Email a friend

Please complete the form below.

Required fields *