Spectra Services hauls in $36 mln

Spectra Services, a provider of field-based HVACR business services, has raised $36 million in financing. Backcast Partners and Star Mountain Capital led the financing.


NEW YORK, Jan. 18, 2018 /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 its investment in Spectra Services Holdings, LLC (“Spectra”). Spectra, controlled by Miami- and Chicago-based private equity sponsor Goense Capital Partners (“GCP”), is a provider of field-based HVACR business services.

Backcast and Star Mountain Capital jointly led the $36 million financing, which consisted of senior secured debt and preferred equity.

The Spectra investment marks a continuation of the Backcast team’s history of investing with Goense Capital Partners in the field-based labor space, having also backed GCP’s most recent investment in Response Team 1, a leading provider of field-based property restoration services.

Erik Bloom, Partner at GCP, said “Goense Capital is very excited about Spectra, given the incredibly positive trends within Spectra’s segment of the HVACR industry. We are really pleased to be working again with the Backcast team. We have known and worked with those guys for a long time and are well aware of the kind of value they can bring to us in investments like this, which goes far beyond simply providing capital. Their operating partner network, the resident knowledge it offers and doors it can open are a tangible difference maker.”

Ed Cerny, Managing Partner at Backcast, added “While it’s always a pleasure to support our investment partners, it’s more enjoyable to do so repeatedly. We know first-hand that the Goense team are exceptional operators in the field-based labor services market, and we are very impressed with Spectra’s platform business and go-forward strategy. Spectra generates an attractive amount of recurring cash flow, but is also very well positioned to take advantage of what we all believe will be favorable industry growth trends that will benefit our investment for many years. We look forward to doing everything we can to help the Company achieve its goals, including utilizing our operating partner network, which we believe can really help.”

Backcast and Star Mountain Capital were represented in the transaction by Greenberg Traurig 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 Partners operates out of offices in New York City, Millburn, NJ and Los Angeles, CA.