ACP Holdings Acquisition Corp. is a SPAC — a blank check company incorporated in the Cayman Islands in January 2026 with no operations. Its sole purpose is to identify, merge with, and take public a private business. ACP Holdings is sponsored by Atlas Credit Partners, a Houston-based credit-focused asset manager. The management team targets businesses with an enterprise value of at least $750M, with a focus on non-sponsor middle market companies undergoing cyclical, secular, or operational transitions. ACP Holdings raised $200M (up to $230M with overallotment) in a public offering at $10.00 per unit, placing proceeds into a trust invested in U.S. government securities. ACP Holdings has 18 months to complete an acquisition; if no deal closes, the trust is liquidated and public shareholders receive approximately $10.05 per share. The sponsor, Union Street Sponsor, acquired founder shares — Class B shares representing 25% of post-IPO shares — for a nominal $25,000, creating substantial economic upside relative to public shareholders. Upon deal completion, trust proceeds fund the acquisition, pay deferred underwriting fees, and redeem any shareholders who elect to exit. ACP Holdings argues it is differentiated by proprietary deal flow, with Atlas Credit Partners claiming roughly 85% of historical transactions were sourced through its own networks, as well as deep middle market credit expertise from prior work at Atlas, Anchorage Capital, and Catalyst Capital.