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BFD Expert Voices - Private Credit

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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.

Bregal Sagemount-backed Corcentric ends SPAC merger

Some 42 SPAC mergers have broken up this year.

Illustration of a stop sign with SPAC written on it

Fintech

North Mountain Merger Corp. and payments software company Corcentric announced the <a class="gtmContentClick" data-vars-link-text="end of their" data-vars-click-url="https://link.axios.com/click/28892980.16/aHR0cHM6Ly93d3cuZ2xvYmVuZXdzd2lyZS5jb20vbmV3cy1yZWxlYXNlLzIwMjIvMDgvMjkvMjUwNjI2Ny8wL2VuL05vcnRoLU1vdW50YWluLU1lcmdlci1Db3JwLWFuZC1Db3JjZW50cmljLU11dHVhbGx5LUFncmVlLXRvLVRlcm1pbmF0ZS1NZXJnZXItQWdyZWVtZW50Lmh0bWw_dXRtX3NvdXJjZT1uZXdzbGV0dGVyJnV0bV9tZWRpdW09ZW1haWwmdXRtX2NhbXBhaWduPXByb19kZWFsc19maW50ZWNoX3N1YnMmc3RyZWFtPXRvcA/61b8a591584bc520355bcf4dB685e68b2" data-vars-content-id="90e5f494-1425-4523-9ed5-8a7fb631eadf" data-vars-headline="Bregal Sagemount-backed Corcentric ends SPAC merger" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://link.axios.com/click/28892980.16/aHR0cHM6Ly93d3cuZ2xvYmVuZXdzd2lyZS5jb20vbmV3cy1yZWxlYXNlLzIwMjIvMDgvMjkvMjUwNjI2Ny8wL2VuL05vcnRoLU1vdW50YWluLU1lcmdlci1Db3JwLWFuZC1Db3JjZW50cmljLU11dHVhbGx5LUFncmVlLXRvLVRlcm1pbmF0ZS1NZXJnZXItQWdyZWVtZW50Lmh0bWw_dXRtX3NvdXJjZT1uZXdzbGV0dGVyJnV0bV9tZWRpdW09ZW1haWwmdXRtX2NhbXBhaWduPXByb19kZWFsc19maW50ZWNoX3N1YnMmc3RyZWFtPXRvcA/61b8a591584bc520355bcf4dB685e68b2" target="_self">end of their</a> SPAC merger plans yesterday.Why it matters: The SPAC graveyard continues to deepen.

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Bregal Sagemount-backed Corcentric ends SPAC merger

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