Monroe Stays Busy with SPACs

Monroe Capital has sponsored its third special purpose acquisition company since 2018 with the launch of MCAP Acquisition Corporation.

Monroe’s MCAP will look to combine with any business that is active in any industry or sector, but it has a specific interest in software, technology-enabled, and business services companies. MCAP priced its initial public offering of 27,500,000 units at a price of $10.00 and it began trading on the NASDAQ under the symbol MACQU on February 26, 2021.

MCAP is the third SPAC that Monroe has participated in as a sponsor investor. In 2018, Monroe co-sponsored Thunder Bridge Acquisition and supported its later combination with Repay Holdings (NASDAQ: RPAY), a Georgia-based provider of financial technology and payment processing services. In 2019, Monroe co-sponsored Thunder Bridge Acquisition II, which in December 2020 agreed to merge with Indie Semiconductor, a California-based supplier of sensors used in driver assistance systems (including LiDAR) for electric and autonomous vehicles. The merger with Indie is expected to be completed in early Spring 2021.

MCAP is led by CEO and Chairman Theodore Koenig, who is the founder and CEO of Monroe Capital.

“We are excited to offer a SPAC as another vehicle for Monroe’s investment platform,” said Mr. Koenig. “It will offer a different and compelling way for our clients to go public versus a traditional IPO. The SPAC will offer non-control, minority investment for a company looking to fund growth and acquisitions.”

Monroe Capital (NASDAQ: MRCC) is an active provider of senior and junior debt financing to middle-market businesses, special situation borrowers and private equity sponsors. Investment types include unitranche financings; cash flow, asset-based and enterprise value-based loans; and equity co-investments. The firm was founded in 2004 and is headquartered in Chicago with additional offices in Atlanta, Boston, Los Angeles, New York, and San Francisco.

© 2021 Private Equity Professional | March 2, 2021