Switchback Energy Acquisition Corporation is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. We are sponsored by NGP Switchback, LLC, which is owned by a private investment fund advised by NGP Energy Capital Management, L.L.C. (“NGP”) and former RSP Permian, Inc. executives Scott McNeill, Jim Mutrie and Josh Rosinski. We intend to focus our search for a target business in the energy industry in North America.
NGP has considerable experience investing in the energy industry. Since NGP’s founding in 1988, private investment funds advised by NGP have raised approximately $20.0 billion of capital commitments from investors and invested in more than 215 portfolio companies across 12 private funds. NGP has experience investing across a variety of commodity price cycles and a track record of identifying high-quality assets, businesses and management teams with significant resources, capital and optimization potential. We believe that we will benefit from NGP’s prior experience in the public capital markets and from NGP’s exclusive focus on energy and energy-related investing. NGP has successfully taken 11 of its portfolio companies public since 2014 and invested in over 375 energy transactions since 1988.
Although we may pursue an acquisition opportunity in any business or industry, we intend to capitalize on the ability of our management team and the broader NGP platform to identify, acquire and operate a business in the energy industry that may provide opportunities for attractive risk-adjusted returns for our stockholders.
We intend to identify and acquire a business that could benefit from a hands-on owner with extensive operational experience in the energy sector and the public company expertise our management team possesses, or that relies on the target’s executive and operational expertise but presents potential for an attractive risk-adjusted return profile under our stewardship. Even fundamentally sound companies can often under-perform their potential due to underinvestment, a temporary period of dislocation in the markets in which they operate, over-levered capital structures, excessive cost structures, incomplete management teams and/or inappropriate business strategies. Our management team has extensive experience in identifying and executing such full-potential acquisitions in the energy industry. In addition, our team has significant hands-on experience working with private companies in preparing for and executing an initial public offering and serving as active owners and directors by working closely with these companies to continue their transformations and help create value in the public markets.
We believe that our management team is well positioned to identify attractive risk-adjusted returns in the marketplace and that its contacts and transaction sources, ranging from industry executives, private owners, private equity funds, and investment bankers, in addition to the energy industry reach of the NGP platform, will enable us to pursue a broad range of opportunities. Our management believes that its ability to identify and implement value creation initiatives will remain central to its differentiated acquisition strategy.