Doug Jacob

Doug Jacob · FAST Acquisition Corp

Capital markets · 2020–2023

FAST Acquisition Corp

FAST Acquisition Corp (NYSE: FST) is a special purpose acquisition company co-founded in 2020 by Doug Jacob, who served as its Co-Chief Executive Officer alongside Sandy Beall. It was the first of three SPACs sponsored by &vest; the others were Velocity Acquisition Corp (Nasdaq: VELO) and FAST Acquisition Corp II (NYSE: FZT), which took Falcon's Beyond Global public in 2023. SEC filings list him as William Douglas Jacob.

FAST Acquisition Corp (2020–2022)

FAST priced a $200 million IPO of 20 million units on August 20, 2020 and began trading on the New York Stock Exchange the next day, focused on the restaurant, hospitality and related sectors in North America. Beall, founder of Ruby Tuesday, was Co-CEO; Kevin Reddy, formerly of Noodles & Company, was Chairman; Garrett Schreiber was CFO. Jacob stepped down as Co-CEO and director on November 10, 2020, and company releases thereafter identified him as founder; he continued to speak for FAST on its transactions.

On February 1, 2021, FAST announced a merger with Fertitta Entertainment, Tilman Fertitta's Golden Nugget and Landry's group, at an enterprise value of approximately $6.6 billion with a $1.2 billion PIPE. A June 30, 2021 amendment added Mastro's, Catch and other assets, raising the value to approximately $8.6 billion.

The hospitality industry is experiencing the greatest disruption of our lifetimes.

Doug Jacob, FAST Acquisition Corp announcement, February 1, 2021

The deal did not close. After a dispute over the agreement's termination date, the parties mutually terminated it in a settlement dated December 9, 2021, under which Fertitta Entertainment agreed to payments to FAST of up to $33 million depending on the outcome. FAST did not reach a second agreement; it redeemed its public shares on August 26, 2022 at approximately $10.02 per share and wound up.

FAST Acquisition Corp II and Falcon's Beyond (2021–2023)

FAST Acquisition Corp II closed a $200 million IPO on March 18, 2021, listing on the NYSE as FZT; a partial over-allotment on March 26 brought gross proceeds to approximately $222.3 million. The S-1 identifies Jacob as founder; Beall was CEO and Reddy Chairman.

On July 12, 2022, FAST II announced a business combination with Falcon's Beyond Global, an Orlando-based entertainment development company, at a pro forma enterprise value of approximately $1.0 billion. The agreement was amended and restated on January 31, 2023.

FAST II was built to identify and accelerate the growth of an exceptional company.

Doug Jacob, Business Wire, July 12, 2022

The combination closed on October 5, 2023, and Falcon's Beyond began trading on Nasdaq as FBYD on October 6. Jacob and Beall joined the board at closing. Jacob resigned from the board effective April 29, 2025 to pursue another opportunity; the company's filing notes no disagreement.

Velocity Acquisition Corp (2021)

Velocity Acquisition Corp closed a $230 million IPO, including the full over-allotment, on February 25, 2021 and listed on Nasdaq as VELO. Its S-1 describes it as the second SPAC formed by the principals of &vest, who include Doug Jacob, Michael Lastoria, Garrett Schreiber, Steve Kassin, Sandy Beall and Eugene Remm. Adrian Covey was CEO; Jacob was listed as an advisor. Velocity targeted digital-transformation businesses, did not complete a combination, and redeemed its public shares on December 20, 2022 at approximately $10.00 per share.

In May 2021, Bill Hinman, Director of the SEC's Division of Corporation Finance from 2017 to 2020, joined &vest as a partner.

Coverage and filings

Related

Doug Jacob &vest fastacq.com fastacqii.com