New Subscription from Cleveland Avenue Underpins Revised Merger Deal Terms
Ventoux CCM Acquisition Corp. (“Ventoux”) and Presto announced revised merger deal terms resulting in a $60 million equity investment alongside approximately $40 million expected from other sources, including $13 million held in Ventoux’s trust account assuming no redemptions, into their previously announced business combination which will result in Presto becoming a publicly traded company.
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Led by Cleveland Avenue, LLC (“Cleveland Avenue”), the $60 million equity injection will accelerate the deployment of Presto’s technology throughout the restaurant industry. The revised merger terms reflect a pre-money valuation for Presto of $525 million.
“We believe the additional capital provides a powerful vote of confidence in the business combination and will give Presto all the tools needed for an excellent start in its public life. We look forward to continuing to work with the Presto team and our investors in consummating this deal and maximizing value for all stakeholders,” said Ed Scheetz, CEO & Chairman of Ventoux.
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“Presto welcomes Cleveland Avenue to our investor syndicate – we could not have found more aligned and strategic investors. Not only do they know the industry inside out, they share our vision for transforming physical industries with advanced digital automation,” said Rajat Suri, Founder and CEO of Presto.
“Presto, Cleveland Avenue, and Ventoux are the perfect partners for this next chapter in the public markets given our joint focus on transforming the restaurant industry using the best next-generation technology,” said Krishna K. Gupta, Chairman of Presto and CEO of Remus Capital.
Cleveland Avenue’s Chief Financial and Investment Officer, Keith Kravcik, will join Presto’s Board. He has been with Cleveland Avenue since its inception in September 2015, and has a 30-year career leading financial organizations, including having spent 16 years at McDonald’s Corporation.
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