FAST Acquisition Corp., the latest special purpose acquisition company in the restaurant space with a $200 million target, listed on the New York Stock Exchange Friday, and the co-CEOs say they are looking to acquire a brand in the quick-service space. “We’re looking for quick-serve, fast-food, small-dining-room brands that we can take from good to great — so brands that have actually done OK during COVID,” said Doug Jacob, co-founder of &Pizza and co-CEO of the new blank-check SPAC with Sandy Beall, the founder of the Ruby Tuesday brand.

FAST Acquisition was listed Friday on the NYSE with 20 million units priced at $10 each. The offering is expected to close on Aug. 25, subject to customary conditions. Jacob, in an interview after the FAST team had opened the NYSE, said the new acquisition company, which must make an investment within two years of forming, is looking at a brand with drive-thru capabilities, third-party delivery technology and “a ton of room for growth.” Beall added, “We’re looking for companies where we can apply our expertise in running some sizable public companies that will last 25 years to the more the entrepreneurial spirit of the emerging growth brands.”

FAST’s executive team features a deep bench of restaurant industry veterans. “It’s a safe way for taking a good management team and getting them into the public sector,” Beall said. FAST Acquisition’s chairman is Kevin Reddy, who worked with McDonald’s Corp., Chipotle Mexican Grill, Noodles & Co., and considering investment groups like BDT Capital, which acquired a majority stake in Whataburger Inc. last year. He also chairs &Pizza and Qdoba Mexican Grill. The chief strategy officer is Kimberly Grant, who served as CEO of chef José Andrés’ Think Food Group restaurant and hospitality company from January 2014 to April 2020 and previously worked with Ruby Tuesday. She has held a Performance Food Group Co. board seat since 2017.

“I think the blend of all our pasts and our skills, individually and collectively, that we bring a special sauce,” Beall said. “That sauce is really the magic sauce. We can take something good and make it great.” Rules for SPACs require that an investment be made within two years, or the proceeds must be disbursed back to investors. However, Beall and Jacob expect an investment soon. “You’re going to look for brands that have been performing quite well during COVID and will perform great in the future,” Jacob said. “We can attach it to the consumer of tomorrow. We can grow through this, which is similar to how Panera Bread was able to grow into what it is when the 2008 crisis happened.

Real estate will never be cheaper than it is today. Talent is available. And technology, if you know what you are doing with it, can be a huge asset and tool in this market. “I’m incredibly excited by the time. I’m excited by the assets we’re interested in,” he said. “And I’m excited by our team.” The group decided the SPAC was the right way to invest. “We thought the timing was perfect,” Jacob said, adding that the formation of the corporation occurred over the past 90 days.

“Everybody was surprised by the first wave of COVID, but brands we are looking at have now adapted and they are going to be ready for anything that might come in the fall and the winter. We wanted to have fresh capital for growth for these brands that are performing well. We felt this was the quickest way to capital.” Citigroup Global Markets Inc. and UBS Securities LLC are acting as joint book-running managers for the offering and Odeon Capital Group LLC is acting as co-manager of the offering. The company has granted the underwriters a 45-day option to purchase up to an additional 3 million units at the initial public offering price to cover over-allotments if any. Jacob said Fast Acquisition brings together two restaurant worlds. “It’s a combination of Old World restaurants and knowledge of public markets to New World restaurants with some knowledge in creating special brands and adding technology to the concept and understanding what the consumer will be looking for tomorrow,” he said. “We think we can add a lot of fresh juice to this industry,” Jacob said, “combined with a lot of understanding about what it takes to run a public company.”