- Business
- One Equity Partners Open Water I Corp. is a blank check company formed to effect mergers, capital stock exchanges, asset acquisitions, stock purchases, reorganizations, or similar business combinations with one or more businesses. The company focuses its search for target businesses primarily in the technology, healthcare, and specialty industrial sectors. Its core business involves investment holding activities with the aim of acquiring and growing businesses within these target industries. Founded in 2020 and headquartered in New York, New York, One Equity Partners Open Water I Corp. operates as a special purpose acquisition company (SPAC) with no current operations or revenue generation of its own.
In the last 1-2 years, One Equity Partners Open Water I Corp. has undertaken significant strategic moves including filing for stockholder approval to liquidate early by year-end 2022 due to adverse market conditions and challenges in finding suitable business combinations in the SPAC market. Despite these challenges, the broader One Equity Partners firm, with which the company is affiliated, has been active in acquisitions and investments, including completing four major acquisitions in sectors such as technology, healthcare, consumer goods, and renewable energy totaling $1.2 billion to drive growth. More recently, One Equity Partners acquired a majority stake in Digital Value, a technology solutions provider, in 2025, reflecting ongoing strategic expansions in technology investments.
The company’s focus spans middle market businesses in the U.S. and Europe, operating across industrial, healthcare, and technology sectors through One Equity Partners' platform. Its investment approach includes leveraging operational expertise and differentiated sourcing capabilities honed through its parent or affiliated entity, One Equity Partners, which was established in 2001. The company is headquartered in New York, New York, and is positioned as a vehicle to facilitate acquisitions and business combinations that complement the investment themes of its parent group.
One Equity Partners Open Water I Corp.’s recent operational change includes the approval process to terminate its SPAC charter and liquidate before the charter's automatic termination date due to unfavorable capital market conditions and tax law concerns, while its broader affiliate continues active portfolio management and strategic acquisitions. Products and services offered indirectly involve private equity investment management, acquisition financing, and post-merger operational support across targeted sectors.
In summary, One Equity Partners Open Water I Corp. serves as an investment holding and acquisition vehicle specializing in technology, healthcare, and specialty industrial sectors. It is linked to One Equity Partners’ extensive middle market private equity activities, with recent strategic updates revealing a shift towards liquidation of the SPAC entity itself while broader investment activities in portfolio acquisitions and technology sector expansions continue robustly under the affiliated private equity platform headquartered in New York.