Backcast Partners Management has provided financing to support Huron Capital’s acquisition of Ronkonkoma, New York-based Lab Crafters Inc, a maker of laboratory furniture systems, casework and fume hoods. No financial terms were disclosed. Greenberg Traurig LLP provided legal counsel to Backcast on the transaction.
NEW YORK, March 5, 2020 /PRNewswire/ — Backcast Partners Management, LLC (“Backcast”), a provider of debt and equity capital for both middle market private equity and non-private equity owned companies is pleased to announce its most recent investment supporting the purchase of Lab Crafters, Inc. (“Lab Crafters”) by Huron Capital, a leading lower-middle-market private equity firm in Detroit, MI.
Lab Crafters manufactures high-quality laboratory furniture systems, casework and fume hoods for laboratories in the biotech, pharmaceutical, higher education and government sectors. Lab Crafters, based in Ronkonkoma, NY, is a family-owned and operated business, tracing its history through three generations. Lab Crafters has enjoyed steady growth through the years by providing the highest quality products in the market and developing innovative designs.
“Lab Crafters’ management team has developed it into a company that is well respected by its customers, is known for its innovative designs, and is positioned for continued growth,” said Backcast Managing Partner Mark Gudis. In addition, Mr. Gudis added, “We at Backcast could not be more pleased to have backed Huron Capital on this investment, particularly given Huron’s strong operating partners and consistent track record in executing disciplined growth strategies.”
Backcast’s investment consisted of senior secured debt and preferred equity. “Backcast has been an ideal partner to work with on this transaction.” said Scott Hauncher, a Partner at Huron Capital. “Their ability to understand the business, be a value-added partner, and work efficiently to a close were outstanding.”
Backcast was represented in the transaction by Greenberg Traurig LLP.
About Backcast Partners
Backcast Partners, with more than $750 million of capital invested and/or available for future investments, is uniquely positioned to provide thoughtful and customized capital solutions across the capital stack to middle market companies. Formed in 2016 by three former Blackstone senior investment professionals, the Backcast team has been supporting traditional middle market companies for decades. Backcast targets investment sizes from $10 – $100 million. Backcast’s investors currently include public and private pensions, insurance companies, foundations, endowments, multi-family offices and high net worth individuals. Backcast, with 11 members on its team, has offices in New York City, Millburn, NJ and Los Angeles, CA.