Everest Consolidator Acquisition Company, a particular objective acquisition firm launched by Adam Dooley, former head of wealth administration at MetLife Europe, in 2021, signed an settlement in Might to merge with Unifund Monetary Applied sciences, a Cincinnati, Ohio-based client debt servicing firm.
The deal, which might take Unifund public by way of the SPAC, values the corporate at $238 million, and is topic to Everest having $40 million in obtainable money, based on a submitting. The mixed entity would commerce on the New York Inventory Change.
Dooley launched the SPAC in 2021, with the aim of buying companies within the wealth administration area, together with wealthtech corporations. He raised $172.5 million within the public markets.
However Unifund is an accounts receivable portfolio funding agency, which purchases, manages and liquidates distressed client receivables for each private and non-private establishments.
In March, the SPAC’s board authorised a three-month extension to get a deal finished to Might 28. However in Might, after agreeing to accumulate Unifund, Everest secured one other three-month extension to Aug. 28, 2023, the final delay it is going to be allowed.
The corporate’s sponsor, Everest Consolidator Sponsor, deposited an mixture of $1.725 million into its belief account to allow the extension. The corporate additionally issued 1.15 million non-public placement warrants, at a charge of $1.50 every, to the sponsor with the identical phrases as these issued in reference to the closing of the IPO.
A spokesman for Everest and Dooley didn’t return a request for remark by press time.
General, the SPAC market had a tough 2022, with many offers merely collapsing. However some SPACs are succeeding within the wealth administration area.
Kingswood Acquisition Corp. (KWAC), the SPAC sponsored by the foremost shareholders in British wealth administration agency Kingswood Group and a sister firm to Kingswood U.S., is on observe to take dealer/seller aggregator Wentworth Administration Companies, which owns 4 impartial b/ds, public underneath the title Binah Capital Group. The SPAC’s shareholders lately authorised a three-month extension to get the deal finished from Might 24, 2023, to Aug. 24, 2023.
Earlier this 12 months, Cartesian Progress Company closed on its deal to merge with RIA Tiedemann Group and wealth and funding supervisor Alvarium Investments. The mixed agency started buying and selling underneath the ticker ‘ALTI.’
