57th Street General Acquisition will acquire U.S. gourmet cupcake creator and retailer, Crumbs Holdings. The special purpose acquisition company (SPAC) will pay a total of $66 million for the transaction.

As a part of the agreement, the buyer would change the name of acquired company to Crumbs Bake Shop and also list it on the NASDAQ stock market. The initial consideration to the owners of Crumbs will be equity securities exchangeable into 3.9 million shares of 57th Street common stock and $27 million in cash for aggregate consideration at closing of about $66 million.

Click here for the release from Business wire.