Backcast Partners provides senior secured debt and preferred equity to finance a new platform for Turnspire Capital Partners

Rhea-AI Summary

Backcast Partners Management announced an investment to support Turnspire Capital Partners' acquisition of the Daniel Measurement and Control business from Emerson Electric Co. (NYSE: EMR). Daniel, based in Houston and Chihuahua, Mexico, is a leader in flow and energy measurement technologies for the natural gas and hydrocarbon industries, boasting an 85-year history. Backcast's investment comprises senior secured debt and equity co-investment, aiming to enhance growth opportunities and strategic acquisitions. Backcast manages over $775 million in assets, targeting investments between $10 million and $100 million.

Positive

• Backcast's investment supports Turnspire Capital Partners' acquisition of Daniel, signaling confidence in the growth potential of the company.
• Daniel is recognized as a leader in flow measurement technology, which can be advantageous for future market opportunities.
• Backcast's management has significant industry experience, which may enhance the likelihood of successful strategic acquisitions.

Negative

• None.

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

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SOURCE Backcast Partners

FAQ

What did Backcast Partners announce on Sept. 14, 2021 regarding Emerson Electric Co. (EMR)?

Backcast Partners announced its investment in support of Turnspire Capital Partners' acquisition of the Daniel Measurement and Control business from Emerson Electric Co.

What is the significance of Daniel Measurement and Control in the energy sector?

Daniel Measurement and Control is a leader in flow and energy measurement technologies for the natural gas and refined hydrocarbon industries, with an 85-year history.

How much capital does Backcast Partners manage?

Backcast Partners manages over $775 million in assets.

What type of investment did Backcast provide for Turnspire Capital Partners?

Backcast provided senior secured debt and an equity co-investment for the acquisition.

Where is Daniel Measurement and Control headquartered?

Daniel Measurement and Control is headquartered in Houston, Texas.