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Bregal Sagemount-backed Corcentric ends SPAC merger

Lucinda Shen
Aug 30, 2022
Illustration of a stop sign with SPAC written on it
Illustration: Annelise Capossela/Axios

North Mountain Merger Corp. and payments software company Corcentric announced the end of their SPAC merger plans yesterday.

Why it matters: The SPAC graveyard continues to deepen.

Driving the news: Citing the difficult "market conditions," North Mountain Merger and Corcentric mutually agreed to break off the deal that valued the company at $1.2 billion.

  • According to SPAC Insider, 42 SPAC mergers have been terminated since the start of the year. Among those, five SPACs have gone on to liquidate, ending their search for a partner entirely.

State of play: The now-dead deal would've resulted in $182 million of gross proceeds. Most of that would've gone to buy up existing shares, while $27 million would've gone into the company's coffers.

  • Which raises the question: Will Corcentric try to raise capital on its own privately? And will shareholders seek a different way to offload some shares?

Context: Corcentric is backed by private equity firm Bregal Sagemount, which did not respond to a request for comment.

  • The company posted $154 million in revenue for 2021 and EBITDA of $29 million.
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