Backcast Partners Makes Follow-On Investment in Guardian Fleet Services to Acquire Euless Wrecker Service in Continuation of Roll-Up Strategy
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 recent follow-on investment in Guardian Fleet Services, Inc. (“Guardian”) used to fund the strategic acquisition of Euless Wrecker Service, Inc. (“Euless”). Euless, which has served the community of Euless, Texas and surrounding areas since 1954, represents Guardian’s entry into the state. This acquisition is a significant step in Guardian’s broader expansion plans into key markets outside of Florida and further solidifies the company’s position as a nationwide industry leader.
Headquartered in West Palm Beach, Florida, Guardian is a leading provider of commercial towing, recovery, and specialized transportation services in the United States. Guardian, which was formed in 2017 by Geoff Russell and Scotty Crockett via the merger of their two long-standing businesses, has served as the primary consolidator in this fragmented marketplace. Backcast originally invested both senior secured debt and preferred equity in Guardian earlier this year to support Chartwell Investments Entrepreneur & Founder Capital’s (“CHIEF Capital”) growth investment in Guardian. Euless represents the third tuck-in acquisition made by Guardian this year, in continuation of the roll-up strategy started by Mr. Russell and Mr. Cockett in 2017, and in furtherance of CHIEF Capital’s broader strategic vision.
Michael Shein, CHIEF Capital’s Managing Partner said “Backcast continues to serve as a reliable and value-added partner as we continue to execute our strategic growth plan. Euless is the second of what are expected to be many acquisitions of local market leading companies in our targeted geographies across the United States.”
Ed Cerny, Managing Partner at Backcast, added “Guardian’s best-in-class management team is highly regarded across their industry, and we look forward to supporting them and CHIEF Capital as they identify and acquire many more attractive acquisitions like Euless.”
About Backcast Partners
Backcast Partners, formed in 2016, manages value-additive, credit-focused private investment funds providing capital to both private equity and non-private equity owned companies. With over $1 billion of 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 $10 million to over $100 million per transaction via bespoke capital solutions throughout the capital structure. Backcast Partners operates out of offices in New York City, Millburn, NJ and Los Angeles, CA.
About Chartwell Investments Entrepreneur & Founder Capital (CHIEF Capital)
CHIEF Capital provides flexible private equity for entrepreneurs, family-owned businesses, and corporate carveouts. The firm partners with management owners to help realize their visions and provide long-term capital, resources and expertise to accelerate growth and provide generational liquidity. CHIEF Capital customizes each investment to meet the objectives of its entrepreneur and family partners. With 45+ years of experience, over $750 million of recent transaction value, 6 current platform investments and 16 recent add-on acquisitions, CHIEF Capital focuses on niche lower middle market companies with an emphasis on healthcare, healthcare services, business services, transportation and logistics, and niche manufacturing segments. Please visit Chiefcap.com for more information.
For more information, please contact:
Mark Gudis, Managing Partner
mgudis@backcastpartners.com
973-512-7487
www.backcastpartners.com
