Monroe Capital sponsored MCAP Acquisition Corporation, a special purpose acquisition company. This is the third SPAC for which Monroe Capital has participated as a sponsor investor. In 2018, Monroe Capital co-sponsored Thunder Bridge Acquisition, Ltd. and supported its combination with Repay Holdings Corporation. In 2019, Monroe Capital co-sponsored Thunder Bridge Acquisition, Ltd. II, which has entered into a definitive merger agreement with indie Semiconductor.
MCAP may pursue an initial business combination target in any business, industry or sector, but it intends to capitalize on the differentiated ability of Monroe Capital’s manager to source, acquire and manage software, technology-enabled and business services companies. MCAP announced the pricing of its upsized initial public offering of 27.5 million units at a price of $10 per unit. The company’s units are listed on the Nasdaq Stock Market and started trading under the symbol “MACQU” on Friday. Once the securities comprising the units begin separate trading, the company expects that its Class A common stock and warrants will be listed on the Nasdaq Stock Market and trade under the symbols “MACQ” and “MACQW,” respectively.
MCAP is led by CEO and chairman Theodore Koenig, who is president, CEO and founder of Monroe Capital and has been the CEO and chairman of Monroe Capital Corporation since 2011. He is joined by co-president Zia Uddin, who is a partner at Monroe Capital; co-president Mark Solovy, who serves as a managing director and co-head of the technology finance group at Monroe Capital; and CFO Scott Marienau, who is the CFO of Monroe Capital’s management company. Further, MCAP will leverage the industry expertise of its eight-person advisory board.
“We are excited to offer a SPAC as another vehicle for Monroe’s investment platform,” Koenig said. “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.”
