Panos Partners has recapitalized Memorial MMRI & Diagnostic, a provider of diagnostic imaging and pain management services with ten locations throughout Texas. Backcast Partners Management LLC has provided an investment to back this recap. No financial terms were disclosed.
NEW YORK, March 12, 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 a recent investment supporting the recapitalization of Memorial MMRI & Diagnostic (“MMRI”, or the “Company”) by Panos Partners, a Dallas based private equity sponsor. MMRI is a leading regional provider of diagnostic imaging and pain management services with ten locations throughout Texas.
Backcast Managing Partner Mark Gudis said of the investment,
“MMRI has taken the customer service side of diagnostic imaging to a really impressive level, and because of its unrelenting focus on the customer, it has experienced impressive growth and established a very loyal customer base. In addition, MMRI has become a leading player in the litigation service side of the diagnostic imaging and pain management business, which is a rapidly growing area where the Company has distinguished itself as the clear leader in its core market. Not only is Backcast impressed by the MMRI business, but we could not be happier to have invested in support of Panos, whose partners are seasoned operating executives who have a track record of building outstanding businesses, understand the sector, and are able to lead MMRI to the next level”.
Backcast’s investment, through its fund and managed co-investment vehicles, consisted of over $100 million of senior secured debt and preferred equity. “Backcast has been a highly valued-added partner to collaborate with on this transaction.” said Bryan Scott, Managing Director and Founder at Panos Partners. “We were very impressed by Backcast’s ability to provide a highly flexible multi-tranche capital structure, bring in their operating partners for diligence and post-close strategic input, and consistently be solution driven.”
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.