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Integrated Wellness Acquisition Corp
Steven Schapera's Integrated Wellness Acquisition Corp raised $115M in a 2021 IPO to acquire a health-and-wellness operating company.
Integrated Wellness Acquisition Corp
Integrated Wellness Acquisition Corp was formed in 2021 and priced its initial public offering on the New York Stock Exchange in December of that year, raising $115 million. Steven Schapera, a serial entrepreneur and investor with a background in consumer brands, leads the sponsor team alongside CFO Hadrien Forterre. The entity was established as a special purpose acquisition company, a structure designed to take a private operating business public through a merger, rather than a traditional IPO. The SPAC's stated mandate is to identify a target within the health, wellness, and beauty ecosystems, a market the sponsor team views as ripe for consolidation and technology-driven disruption. Potential sub-sectors named in the firm's registration statement include digital health, personalized nutrition, functional medicine, fitness technology, and clean beauty. The structure allows the sponsor team to take a direct operational stake in the combined entity post-merger. As of mid-2024, the trust established with the IPO proceeds remained uncoupled to a definitive business combination, extending the period during which the sponsors must finalize a deal or face liquidation. The sponsor is led by Schapera, who founded BECCA Cosmetics before its acquisition by Estée Lauder, providing a tangible track record in scaling a consumer-facing wellness brand through to a strategic exit. Forterre brings financial structuring expertise from previous roles in investment banking and asset management. The management team is supported by a board that includes experts in functional medicine and corporate governance. No additional offices or operating subsidiaries have been publicly disclosed. Integrated Wellness differs from most blank-check issuers in its sector focus on a specific consumer vertical rather than a broad technology mandate, giving the eventual operating partner access to a management team with directly relevant brand-building experience. Because the SPAC market broadly contracted after 2022, the firm's ability to close a transaction under current market conditions serves as a real-time test of its sponsor's credibility and the target market's institutional appeal.
General information
Firm type
Asset Manager
Year founded
2021
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Principals
Steven Schapera
Chief Executive Officer
Hadrien Forterre
Chief Financial Officer
Sector focus
Frequently asked questions
Who makes the final investment decision at Integrated Wellness Acquisition Corp?
Steven Schapera, as CEO and Chairman, leads the sponsor team and holds ultimate authority over target selection and merger execution. Hadrien Forterre, the CFO, oversees financial due diligence and structuring. Because the firm is a blank-check company with no operating history, all material decisions are also subject to shareholder approval at a merger vote.
What is the timeline for Integrated Wellness to complete a business combination?
The firm initially had 18 months from its December 2021 IPO to complete a deal. In May 2024, shareholders approved an extension to August 2024, giving the sponsor team additional time to finalize a business combination before being required to liquidate the trust and return capital to public shareholders (per SEC filing, May 2024).
What types of companies is the SPAC targeting?
The firm is focused on the health, wellness, and beauty sectors, with a stated interest in businesses operating in digital health, personalized nutrition, functional medicine, fitness technology, and clean beauty. The target should have a defensible brand, scalable operations, and a path to public-market growth, per the firm's registration statement filed with the SEC in 2021.
What experience does Steven Schapera bring to a consumer wellness acquisition?
Schapera founded BECCA Cosmetics, a prestige beauty brand, and oversaw its growth before its acquisition by The Estée Lauder Companies. This operating track record provides direct experience in scaling a brand within the broader health-and-beauty value chain, from product development through distribution to a successful exit (per SEC filing, 2021).
How does the SPAC's trust structure work if no deal is completed?
The $115 million raised in the IPO was placed into a trust account and remains invested in short-term U.S. government securities. If the sponsor team fails to announce and complete a business combination by the extended deadline in August 2024, the trust will be liquidated and the proceeds returned to public shareholders at approximately $10.00 per share, consistent with the SPAC's governing documents.
Has Integrated Wellness disclosed any potential target companies?
As of mid-2024, the firm has not publicly announced a definitive merger agreement with any target. SEC filings and public statements have been limited to procedural extensions without naming any specific operating businesses under consideration.
Where did the team work before launching this SPAC?
Steven Schapera was previously the founder and CEO of BECCA Cosmetics and also led the venture-backed beauty technology platform Perfect365. Hadrien Forterre held positions in investment banking and was a managing director at a private equity firm focused on consumer and retail investments, according to biographical information in the firm's registration statement.
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