Who is behind SBXE? SilverBox Capital
The people who set SilverBox V up, what they have done before, and what happened to the shareholders who backed their earlier vehicles — every outcome cited to an SEC filing.
Post-close outcome quality: 1 priced deSPAC vs trust value (prior vehicles against the $10.00 IPO baseline, in-DB vehicles against the trust they filed): median -91%, 0/1 still worth at least half of trust, 1 at under a tenth of it. Worst: BRCC -91%. n=1, pulled toward neutral.
Mixed record · low confidence — the same inputs always produce the same score.
Track record
The fleet this sponsor runs today, and the SEC-verified fate of every prior vehicle we have traced.
- SilverBox Engaged Merger Corp I · 2021→ BRC Inc / Black Rifle CoffeeBRCCCompleted
- SilverBox Engaged Corp II (→ SilverBox Corp III) · 2023Liquidated
SilverBox Capital — Austin-based institutional SPAC sponsor. Prior-vehicle track record (SEC-verified): (1) SilverBox Engaged Merger Corp I COMPLETED → BRC Inc / Black Rifle Coffee (BRCC, 2022; confirmed via joint 425), which has traded below the $10 NAV. (2) SilverBox Engaged Corp II, renamed SilverBox Corp III, LIQUIDATED (25-NSE 2024-11). Current vehicles SBXD (in-deal) and SBXE (searching). Net: 1 completed deSPAC (below NAV), 1 liquidation. Sources: SEC EDGAR submissions API (formerNames) + full-text search, efts.sec.gov. — research profile — SilverBox Capital is an Austin, Texas-based strategic investment and advisory firm that positions itself as an institutional SPAC sponsor focused on creating successful public companies. The firm was co-founded by Stephen M. Kadenacy and Joseph Reece, who serve as Co-Managing Partners. Kadenacy, who chairs and leads the SPAC vehicles as CEO, previously held senior leadership roles at AECOM and brings over 30 years of expertise in capital markets and M&A. Reece brings over 35 years of experience in investing and advising. The broader team includes Duncan Murdoch as Chief Investment Officer (20+ years in private equity), Jin Chun as Partner and Chief Operating Officer, Daniel E. Esters as CFO (a veteran of Jefferies and other investment banks with 24+ years of experience), David Lee as General Counsel, Patrick Wilson as Partner, and Arik Prawer on the board. The firm emphasizes an integrated approach combining capital, counsel, and operating expertise, and it maintains an advisory group of seasoned directors and industry experts spanning consumer goods, telecommunications, hospitality, energy, and other sectors. Its first, SilverBox Engaged Merger Corp I (SBEA), raised $345 million in March 2021 and completed its business combination with Black Rifle Coffee Company in February 2022. Atlas Technical Consultants, another portfolio company, was acquired by GI Partners for $12.25 per share in April 2023. SilverBox Corp III (SBXC.U) priced an upsized $138 million IPO in March 2023 but ultimately liquidated in late 2024 without completing a deal, a notable blemish on the firm's record. SilverBox Corp IV (SBXD) raised $200 million in its August 2024 IPO and announced a merger agreement in August 2025 with Parataxis Holdings, a Bitcoin-native institutional digital asset management platform; as of the latest filings, SBXD was trading modestly above its $10 offer price (approximately +5%) and the deal remained pending regulatory and shareholder approval. Most recently, SilverBox Corp V (SBXE.U) priced an upsized $240 million IPO in December 2025 (ultimately closing at $276 million), targeting small- to mid-cap businesses with enterprise values of $750 million or more across a broad sector mandate including consumer, financial services, technology, and energy transition. The firm's reputation appears generally solid within the SPAC ecosystem, with established banking relationships (Santander US Capital Markets has served as sole bookrunner on recent deals) and credible institutional positioning. However, the liquidation of SilverBox Corp III and the pivot of SilverBox IV into a crypto-treasury deal with Parataxis—a relatively speculative digital asset play involving Bitcoin and Ethereum treasury strategies and international (South Korean) market activities—may raise questions about target selection discipline and the durability of de-SPAC performance. No explicit regulatory red flags or enforcement actions are surfaced in the provided materials, but the mixed outcomes (one completed consumer deal, one liquidation, one pending crypto deal, and two newer vehicles still searching) suggest a sponsor whose results have been uneven and whose recent strategic direction has shifted toward higher-risk digital…
1 sentence withheld from the text above. It stated a vehicle count (at least five vehicles) that does not reconcile with the record we counted: 4 vehicles — 2 in the live database and 2 SEC-verified prior vehicles. Neither side has been corrected here, and the stored research is unchanged; a count we cannot reconcile is not a count we will publish.
Full sponsor record →Why the sponsor matters
The thirty-second version, for anyone who has never traded a SPAC.
A SPAC is an empty listed company; the sponsor is the only substance it has before a deal. They pick the target, negotiate the terms, and typically hold founder shares — equity they received nearly free — which pay off for them even in deals that lose public holders money. A sponsor’s prior vehicles are the closest thing to evidence about how this one ends.
How the founder-share incentive works is covered in our plain-English guide to the sponsor promote.
In plain English
Cash in trust / trust per sharethe cash the company is holding for each public share
Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.
Dilutionhow much of the company new shares take from you
Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.
De-SPACthe day the SPAC becomes the real company
The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.