NEW YORK, Sept. 14, 2021 /PRNewswire/ -- Backcast Partners
Management, LLC ("Backcast"), a provider of capital for both
middle market private equity and non-private equity owned
companies, is pleased to announce its most recent investment
supporting the acquisition by Turnspire Capital Partners
("Turnspire") of the Daniel Measurement and Control business
("Daniel" or the "Company") from Emerson Electric Co. (NYSE:
EMR).
Headquartered in Houston with a
state-of-the-art, strategically located manufacturing facility in
Chihuahua, Mexico, Daniel is a
global leader in providing flow and energy measurement technologies
and services to the natural gas and refined hydrocarbon industries.
With an 85-year heritage as the preeminent supplier of engineered
solutions for flow measurement in custody transfer applications,
Daniel is the most trusted brand for customers across the energy
and hydrocarbon supply chain.
Backcast Managing Partner Mark Gudis said "Daniel is the global
leader in the energy test and measurement instrumentation sector
with best-in-class technology and manufacturing excellence, which
we expect to be significantly augmented with the addition of
Keith Barnard, a seasoned CEO in
energy services. We are excited to once again support
Turnspire as they pursue attractive organic growth opportunities
and a strong pipeline of strategic acquisition opportunities,
particularly in light of Turnspire's strong track record of
investing in carveouts."
Backcast's investment consisted of senior secured debt and an
equity co-investment. "Backcast has once again been an ideal
partner to work with on this transaction," said Abel S.
Osorio, a Partner at Turnspire. "This was a complex and iterative
transaction and Backcast's significant industry knowledge, ability
to understand the complex nature of a carveout into a standalone
company, and conviction to get it across the finish line reinforced
why they are such a value-added partner."
Backcast was represented in the transaction by Greenberg Traurig
LLP.
About Backcast Partners
Formed in 2016, Backcast
provides thoughtful and customized capital solutions across the
capital stack to middle market companies. Backcast's Managing
Partners have been supporting traditional middle market companies
for decades. Backcast, with assets under management of
over $775 million, targets investment sizes
from $10 – $100 million in both sponsored and
non-sponsored companies. The firm has offices in New
York City, Millburn, NJ, and Los Angeles, CA.
For more information, please contact:
Mark Gudis, Managing
Partner
mgudis@backcastpartners.com
(973) 512-7487
www.backcastpartners.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/backcast-partners-provides-senior-secured-debt-and-preferred-equity-to-finance-a-new-platform-for-turnspire-capital-partners-301376517.html
SOURCE Backcast Partners