Omeed Malik’s SPAC said it was close to doing business with arms retailer GrabAGun

(Bloomberg) — Amed Malik’s special purpose acquisition company, Colombier Acquisition Corp., is moving closer. II, from an agreement to merge with online firearms retailer GrabAGun, a deal that many other Wall Street investors are likely to avoid on ESG principles.

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The deal values ​​GrabAGun at about $150 million and could be announced on Monday, assuming talks don’t collapse at the last minute, according to people familiar with the matter, who requested anonymity to discuss confidential information.

Malik, a former CEO of Bank of America Corp., is chairman and CEO of Colombier. He is also the founder of merchant bank Farvahar Partners and investment firm 1789 Capital, whose mandate includes supporting companies influenced by ESG investment principles and operating in a parallel economy that caters to conservative values.

Owner’s first SPAC has merged with PSQ Holdings Inc., owner of the online marketplace PublicSquare that aims to connect consumers and “national” companies like EveryLife, the self-described “pro-life” diaper maker. He was part of a core group of financial backers for President-elect Donald Trump’s campaign.

In October, PSQ launched a payments company and expects to process more than $1.8 billion in gun and gun-related transactions in 2025, a person familiar with the matter told Bloomberg. Last month, PSQ appointed Donald Trump Jr., a partner at 1789, to its board of directors.

Dallas-based GrabAGun, led by CEO Mark Nematti, is profitable and has revenue of about $100 million in 2024, the people said. The company, founded in 2011 and which sells firearms, ammunition and other apparel, quotes the Second Amendment on its website She says she believes it is her “American duty” to help consumers understand and legally secure their firearms and accessories.

Representatives for GrabAGun and Colombier declined to comment.

Colombier, based in Palm Beach, Florida, raised $170 million in an initial public offering in November 2023. Its shares closed Friday at $11.79 a share, giving it a market value of about $200 million. In a pre-IPO securities filing, the company said it may focus on opportunities including “sectors that are undervalued due to certain investor mandates.”

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