Scrubbed, an outsourced bookkeeping, accounting*, auditing, and corporate finance firm, recently served as the finance and accounting partner to Blackstone Products in its preparation to become a public company through an agreement with Ackrell SPAC Partners. Scrubbed’s services proved instrumental in helping Blackstone prepare for its business combination with the special purpose acquisition company, which is anticipated to close in the first half of 2022.
Blackstone is an innovative and design-driven company that is redefining the outdoor cooking experience with griddle cooking appliances and accessories. Blackstone has the dominant position in the rapidly growing griddle category, commanding 80% of the U.S. market share. To prepare for the business combination, Blackstone turned to the experts at Scrubbed to develop financial statements and reports that meet the compliance requirements and expectations of a publicly traded company.
Working closely with the investment bankers involved, the Scrubbed team used financial modeling to develop forecasts and pro-forma statements; prepared US GAAP and PCAOB-compliant financial statements to support the SEC filing; and assessed, enhanced, and documented Blackstone’s internal controls to meet the requirements of a public company. Scrubbed also supported Blackstone throughout its audit by a national public accounting firm.
“When a company goes public, it’s like a baseball player moving up to the major leagues,” explains Gani Laguisma, Scrubbed co-founder and CEO. “Every detail is measured and scrutinized more rigorously. Just like a professional athlete needs better tools, equipment, and training to succeed, a business that’s preparing to become part of a publicly traded company requires disciplined accounting processes and robust financial reporting. Scrubbed is proud to be playing an integral role in helping Blackstone complete its merger with Ackrell SPAC Partners, leveraging our resources, expertise, and experience in supporting high-growth businesses.”
