OfferPad Inc., a tech-enabled platform for buying and selling residential real estate, and Supernova Partners Acquisition Company Inc., a publicly-traded special purpose acquisition company, have completed their previously announced transaction to take Offerpad public. The newly formed company, named Offerpad Solutions Inc., uses technology-enabled solutions, including iBuying, to offer customers convenience, control and certainty to solve their housing needs, the company said.
Offerpad Solutions expects to use proceeds of approximately $284 million from the transaction to accelerate market expansion, invest in technology and product development, pay transaction expenses and for other general corporate purposes including the repayment of debt. Founder and CEO Brian Bair and Offerpad’s management team will continue to lead the combined company. Brian Bair will also serve as Chairman of the Offerpad Solutions board of directors alongside Katie Curnutte, former SVP of Communications and Public Affairs at Zillow; Ken DeGiorgio, President of First American Financial Corp.; Alexander Klabin, founder and CEO of Ancient and Executive Chairman of Sotheby’s Financial Services; Ryan O’Hara, former CEO of Move, Inc. (Realtor.com); Sheryl Palmer, Chairman and CEO of Taylor Morrison Home Corporation; and Roberto Sella, Founder and Managing Partner of LL Funds.
“We are taking home buying and selling from chaotic to controlled, from expensive to efficient, and from the past straight into the future. We are just getting started,” said Brian Bair, chairman of the Offerpad Solutions board of directors. “We have a superior team, combining strong technology backgrounds and real estate experience in every kind of real estate cycle, with the skills and vision to operate as a highly capital-efficient company in our industry. We are excited about the tremendous opportunity ahead of us as more and more buyers and sellers opt for our digital-first experience.”
J.P. Morgan served as the exclusive financial advisor and Latham & Watkins LLP served as legal counsel to Offerpad. Jefferies LLC served as the exclusive financial advisor and Jefferies and J.P. Morgan served as joint placement agents to Supernova. Simpson Thacher & Bartlett LLP served as legal counsel to Supernova.
