Backcast Partners has exited its investment in The Arcticom Group, a commercial refrigeration and HVAC services company. No financial terms were disclosed. The buyer was an unnamed private equity firm. Proskauer Rose LLP advised Backcast on the exit.
NEW YORK, March 24, 2022 /PRNewswire/ — Backcast Partners (“Backcast”), a provider of debt and equity capital for both middle-market private equity and non-private equity owned companies, is pleased to announce an exit from its investment in The Arcticom Group, LLC (“TAG”). TAG is a leading commercial refrigeration and HVAC services company serving grocery and retail customers in North America. Via a dozen add-on acquisitions, supported by over $150 million of debt and equity capital from Backcast, TAG became one of the largest commercial refrigeration services providers in the country. TAG was sold to a private equity sponsor in December of 2021.
Jim Pape, TAG’s CEO, said “TAG was an excellent investment outcome for all stakeholders. Backcast provided TAG a combination of senior debt and preferred equity throughout the dozen acquisitions we completed. Ed, Mark and Dave’s support was critical, and we know them to be highly experienced, ethical and motivated investors who think more like partners than lenders. Their commitment to this investment and their ability to add significant value through their operating partner network was fantastic and exactly what we have come to expect from them.”
Dave Petrucco, Managing Partner at Backcast, added “It’s always nice to structure investments with an alignment of interests and then see those investments work out extremely well for all parties. It’s even better when you can do so with groups you have come to trust and respect. We were able to help TAG aggressively grow right through COVID-19 and create a fantastic company. TAG became one of the larger investments we have ever made and was clearly one of the best investments we have ever made.”
Backcast was represented in the transaction by Proskauer Rose LLP.
About Backcast Partners
Backcast Partners, formed in 2016 by three former Blackstone colleagues, manages value-additive, private credit investment funds providing capital to both private-equity backed and privately held management-owned companies. The Backcast team has been supporting traditional middle market companies ($7.5 million to $50 million of EBITDA) for decades. Backcast Partners has a very flexible capital mandate and seeks to invest from $10 million to $50 million per transaction. Backcast has invested approximately $500 million since inception and is currently raising its second fund. Backcast Partners operates out of offices in New York City, Millburn, NJ and Los Angeles, CA.