Everest Consolidator Acquisition Company, a particular function acquisition firm launched by Adam Dooley, former head of wealth administration at MetLife Europe, in 2021, signed an settlement in Could to merge with Unifund Monetary Applied sciences, a Cincinnati, Ohio-based client debt servicing firm.
The deal, which might take Unifund public through the SPAC, values the corporate at $238 million, and is topic to Everest having $40 million in accessible money, in response to a submitting. The mixed entity would commerce on the New York Inventory Change.
Dooley launched the SPAC in 2021, with the purpose of buying companies within the wealth administration house, together with wealthtech firms. 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 accepted a three-month extension to get a deal carried out to Could 28. However in Could, after agreeing to accumulate Unifund, Everest secured one other three-month extension to Aug. 28, 2023, the final delay will probably be allowed.
The corporate’s sponsor, Everest Consolidator Sponsor, deposited an combination of $1.725 million into its belief account to allow the extension. The corporate additionally issued 1.15 million personal 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.
Total, the SPAC market had a tough 2022, with many offers merely collapsing. However some SPACs are succeeding within the wealth administration house.
Kingswood Acquisition Corp. (KWAC), the SPAC sponsored by the key shareholders in British wealth administration agency Kingswood Group and a sister firm to Kingswood U.S., is on monitor to take dealer/supplier aggregator Wentworth Administration Companies, which owns 4 impartial b/ds, public below the title Binah Capital Group. The SPAC’s shareholders just lately accepted a three-month extension to get the deal carried out from Could 24, 2023, to Aug. 24, 2023.
Earlier this yr, 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 below the ticker ‘ALTI.’
