Backcast Partners Invests in Sensio Inc.
BACKCAST PARTNERS INVESTS IN SENSIO INC.
New York, October 18, 2018 — 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 investment in Sensio Inc. (“Sensio”). Sensio, controlled by its founder and CEO, Shae Hong, is a leading designer and marketer of small electronic and other kitchenware products. Sensio’s brands, which include Bella, Crux, Brim, Bialetti, Jawz and others, are focused on superior trend-forward design and functionality at attractive price points and are created in conjunction with and sold by leading retailers.
Backcast provided $20 million of senior secured debt and preferred equity which was used to recapitalize the business, effect the buyout of a former Sensio shareholder, and for growth capital.
The Sensio investment marks Backcast’s third transaction in ten months where it has provided a combination of debt and equity capital and has utilized its highly differentiated corporate operating partner network to optimize its value-added approach.
Shae Hong, CEO of Sensio, commented, “As the market leader in small innovative kitchenware products, we are really excited about the future of Sensio. By having additional capital available for expansion, combined with the best design engineers and retail partners, we will be able to accelerate our ability to bring new and innovative brands & products to market at values that are incredibly compelling to consumers. We are really pleased to be working with the Backcast team. Their reputation as value-added partners is a huge part of why we chose to work with them. We have known and worked with some of their operating partners in the past and are excited to have their support as we move forward. In terms of closing our recapitalization, Backcast really delivered for us under a tight deadline, and their flexibility and hands-on attention made all the difference in the world on this transaction.”
Ed Cerny, Managing Partner at Backcast, added, “We couldn’t be more excited about Sensio’s future and are thrilled to be part of it. We know through our operating partners and other industry sources that Shae and his team have an exceptional reputation and that Sensio’s products are way out in front of industry trends in a resilient but often overlooked category. We look forward to doing everything we can to help Sensio achieve its goals.”
Backcast was represented in the transaction by Greenberg Traurig LLP.
About Backcast Partners
Backcast Partners manages value-additive, private credit investment funds providing capital to both private equity backed and privately held, management-owned companies. The Backcast team has been supporting traditional middle market companies ($7.5 million to $50 million of EBITDA) for decades. Backcast Partners has a very flexible capital mandate and seeks to invest from $10 million to $50 million per transaction. Backcast Partners operates out of offices in New York City, Millburn, NJ and Los Angeles, CA.