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DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS
9 Months Ended
Sep. 30, 2018
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS  
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

 

Federal Street Acquisition Corp. (the “Company”), is a blank check company incorporated in Delaware on March 21, 2017. The Company was formed for the purpose of acquiring, through a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business transaction, one or more operating businesses (a “Business Combination”). Although the Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination, the Company is focusing on the healthcare industry.

All activity through September 30, 2018 relates to the Company’s formation, the consummation of its initial public offering that occurred on July 24, 2017 of 46,000,000 units (the “Initial Public Offering”), the sale of 14,950,000 warrants (the “Private Placement Warrants”) in a private placement to the Company’s sponsor, FS Sponsor LLC, an affiliate of Thomas H. Lee Partners (the “Sponsor”), the identification and evaluation of prospective candidates for a Business Combination and activities in connection with the proposed initial business combination with UHS Holdco, Inc., a Delaware corporation (“UHS”), as described in Note 6.

The Company has until July 24, 2019 to consummate a Business Combination.

The Company has four subsidiaries, Agiliti, Inc., a wholly-owned subsidiary of the Company incorporated in Delaware on August 1, 2018 (“Agiliti”), Umpire SPAC Merger Sub, Inc., a wholly-owned subsidiary of Agiliti incorporated in Delaware on August 1, 2018 (“FSAC Merger Sub”), Umpire Equity Merger Sub, Inc., a wholly-owned subsidiary of Agiliti incorporated in Delaware on August 1, 2018 (“Umpire Equity Merger Sub”) and Umpire Cash Merger Sub, Inc., a wholly-owned subsidiary of FSAC Merger Sub incorporated in Delaware on August 1, 2018 (“Umpire Cash Merger Sub”).