Backcast Partners, a provider of debt and equity capital for both middle-market private equity and non-private equity owned companies, is proud to announce its most recent investment in support of Renegade Group, LLC’s refinancing of its existing debt. Renegade is a portfolio company of Corinthian Capital Partners.
Renegade, established in 2006 and headquartered in Fort Worth, Texas, is a leading provider of recurring maintenance, repair, and employment services for a diverse set of blue-chip energy customers. These services are essential for the ongoing production and distribution of oil, gas, LNG and electricity.
Peter Sandore, Chairman at Renegade, commented, “We are very excited to team up with Backcast as we grow the business and expand into a new and growing sector. Our discussions with Backcast have reaffirmed that they are very thoughtful partners and can bring significant value to the relationship and to Renegade. We look forward to growing with Backcast in this exciting next chapter.”
Ed Cerny, Managing Partner at Backcast, stated, “Our investment in Renegade reflects our confidence in the company’s robust business model, the competence, strong relationships and reputation of its management team, and its pivotal role within recurring components of the energy sector. Backcast’s principals backed Renegade in the past and we are particularly pleased to be able to do so again given the degree to which Jacob Percifull and his team have broadened the company’s service offerings and, with that, its financial resilience. We look forward to their ongoing value creation alongside our longtime friends at Corinthian Capital.”
Backcast was represented in the transaction by McGuireWoods LLP and Renegade was represented in the transaction by Latham & Watkins LLP.
About Backcast Partners
Backcast Partners, formed in 2016, manages value-additive, credit-focused private investment funds providing capital to both private-equity backed and privately held management-owned companies. With approximately $1.3 billion in assets under management, the Backcast team has been supporting traditional middle-market companies ($7.5 million to $50 million of EBITDA) for decades. Backcast’s managed funds have a very flexible capital mandate and seek to invest from $20 million to up to $150 million per transaction. Backcast Partners operates out of offices in New York City and Millburn, NJ, with a satellite office in Los Angeles, CA.
