---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-26-105855"
form_type: "8-K"
ticker: "RILY"
cik: "0001464790"
company_name: "BRC Group Holdings, Inc."
filed_at: "2026-10-01T21:00:54+00:00"
generated_at: "2026-10-12T14:27:15.076880+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.72
calibrated_materiality_score: 0.72
confidence: "high"
source: SEC EDGAR
---

# BRC to acquire Sangoma for $204M enterprise value; $4.925 cash plus 0.04767 BRC share per Sangoma share

## Summary
- Sangoma holders receive US$4.925 cash plus 0.04767 of a BRC share each: ~$170M cash and ~$10M in BRC shares in aggregate; current holders to own ~4% of pro forma BRC.
- Transaction valued at ~$204M enterprise value (C$289M); US$5,397,000 termination fee payable by Sangoma in certain circumstances; closing expected January 2027 or early 2027.
- Funded via $212,255,000 senior secured term loan commitment (Banc of California, Axos Bank, Israel Discount Bank of New York) plus ~$38M BRC and ~$16M telecom-subsidiary equity.
- New telecom facility replaces existing credit agreement with $71,500,000 outstanding as of Sept 30, 2026; Oaktree Amendment No. 6 requires 50% of telecom cash distributions to prepay term loans.
- Sangoma: founded 1984, Markham Ontario, 100,000+ business customers, 2.7M+ UC seats; combined TTM revenue ~$441M as of June 2026 ($241M BRC comms + ~$200M Sangoma).

## SEC filing metadata
- accession: 0001213900-26-105855
- form_type: 8-K
- ticker: RILY
- cik: 0001464790
- company_name: BRC Group Holdings, Inc.
- filed_at: 2026-10-01T21:00:54+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.72
- calibrated_materiality_score: 0.72
- confidence: high
- sec_items: 1.01, 2.01, 7.01, 9.01, 6.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1464790/000121390026105855/0001213900-26-105855-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1464790/000121390026105855/ea0307103-8k_brcgroup.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-26-105855
- JSON: https://secwatch.observer/filing/0001213900-26-105855.json
- Plain text: https://secwatch.observer/filing/0001213900-26-105855.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.