Corcentric, a provider of payments, accounts payable, and accounts receivable technology to enterprise and middle-market companies plans to combine with North Mountain Merger, the companies announced today. If approved, upon closing Corcentric is expected to have an implied pro forma enterprise value of approximately $1.2 billion.
The transaction is expected to deliver $182 million in gross proceeds, including the SPAC’s $132 million in trust (assuming no redemptions) and a $50 million fully-committed PIPE from anchor investors, including Wellington Management and Millais Limited, an affiliate of the sponsor.
Corcentric’s existing shareholders will own approximately 81% of the post-combination company. Bregal Sagemount, a growth equity firm, will continue as a shareholder. Existing Corcentric equity holders also have the potential to receive an earnout of additional shares of common stock if certain stock price targets are met. Read more.
