Backcast Partners Management LLC has launched a new middle market investment business to support North American companies across a variety of industries. The newly established business comes as the private equity industry is making a generational shift for new players.
The investment business will serve as a continuation of Backcast Partners’ previous partnerships and experience in middle market investing. The firm will provide direct investment debt and limited equity capital to companies with between $10 million and $50 million in Ebitda. The firm currently operates out of its offices in New York, Millburn, New Jersey and Los Angeles. Backcast Partners' founders Edward Cerny and David Petrucco will be joined by Mark Gudis, who will serve as founding partner and will oversee transaction sourcing for the investment business.
Backcast Partners was founded as an investment management and consulting firm. The firm's previous investments vary across industries including: auto, business services, chemicals, consumer retail, defense, energy, healthcare, manufacturing, technology, and telecommunications. Both Cerny’s and Petrucco’s middle market experience dates back to 2008, where both individuals founded Kayne Anderson Capital Advisors’ middle market credit platform to manage multiple credit vehicles. Cerny, Petrucco and Gudis each has approximately 25 years of experience leading financial institutions that include stints at GE Capital (NYSE: GE), UBS Group (NYSE: UBS), DLJ Merchant Banking, Kayne Anderson (NYSE: KYN), Royal Bank of Scotland (NYSE: RBS), SAC Capital and The Blackstone Group (NYSE: BX).
"Our market has always been defined by personal relationships, which take years, if not decades, to develop and are at the heart of successful and differentiated transaction sourcing,” states Gudis. “We have found that being fortunate enough to possess the kind of relationships that Ed, Dave and I have maintained over the last 25 years makes a real difference in investment outcomes.”
Backcast Partners isn’t the only firm to launch an investment business. RLJ Cos. Founder Robert L. Johnson, the first black billionaire in the U.S. and also the founder of Black Entertainment Television LLC, teamed up with Roth Capital Partners to launch a full-service investment bank called RLJ Capital Markets.