Backcast Partners Provides Senior Secured Debt Investment to Support the Recapitalization of The Alaska Club
Backcast Partners (“Backcast”), a leading provider of debt and equity capital for middle-market companies, is pleased to announce its strategic debt investment in support of the recapitalization and growth of Athletic Club Holdings, Inc. (“The Alaska Club” or “TAC”). TAC is an existing portfolio company of Partnership Capital Growth (“PCG”), an established private equity sponsor that specializes in consumer facing companies within the healthcare, fitness and lifestyle spaces.
Founded in 1986 and headquartered in Anchorage, The Alaska Club is the dominant full-service family-focused activity and fitness provider in Alaska. TAC’s offerings include fitness clubs, splash and trampoline parks, aquatic and paddle sport centers and yoga studios. Today, the Company has 16 locations, 12 of which are fitness clubs strategically positioned throughout Alaska’s largest three metro markets (Anchorage, Fairbanks and Juneau).
Brent Knudsen, Founding and Managing Partner of PCG, said, “The Backcast team has been great to work with and we are excited to welcome them as a partner in The Alaska Club. They were thoughtful in understanding TAC’s unique value to the Alaska community, demonstrated a clear knowledge of the industry and its drivers, and were diligent in constructing a solution for all stakeholders. Their high degree of senior level engagement, along with the committed effort of their deal team, really set them apart”.
Mark Gudis, Managing Partner at Backcast, added, “The tenure, knowledge, innovation and commitment to excellence was evident in working with TAC’s management team. The platform they have built in Alaska is unlike anything we’ve previously seen in the fitness and recreation space and is the most likely reason that their customer base has exceptional member retention and activity rates.”
Backcast was represented in the transaction by McGuireWoods LLP. The Alaska Club was represented in the transaction by Dentons Durham Jones Pinegar P.C. and Upwelling Capital Group LLC.
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.
Information for Companies Seeking Capital, please contact:
Mark Gudis, Managing Partner
mgudis@backcastpartners.com
(973) 512-7487
www.backcastpartners.com
Investor Information, please contact:
David Petrucco, Managing Partner
dpetrucco@backcastpartners.com
(973) 512-7482
www.backcastpartners.com
