New York, March 7, 2023 — 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 most recent investment supporting Turnspire Capital Partners’ (“Turnspire”) acquisition of USG Water Solutions, LLC (“USG” or the “Company”) from Veolia North America, the U.S. holding company subsidiary of Veolia Environnement S.A.

Headquartered in Atlanta and Perry, Georgia, USG is North America’s leading provider of water asset management services for small and medium public water utilities in North America.  With operations in 47 states, USG’s offerings include maintenance services for water storage tanks, pipe networks and concrete structures in water and wastewater plants. The Company also provides turnkey smart metering programs and a wide selection of water quality technologies.

Backcast agented USG’s senior secured debt and also provided an equity co-investment. Ilya Koffman, Managing Partner of Turnspire, said “This is the third investment that we’ve closed with Backcast over the last two and a half years.  They understand complex situations, deliver tailored solutions, provide certainty of close, and approach each transaction with a solutions-oriented mindset.”

Mark Gudis, Managing Partner at Backcast, added “USG is another prime example of our ability to execute on a complex opportunity, decipher an unusual yet predictable set of long-term cashflows, and create a structure that best supports a financial sponsor’s investment thesis and growth plans.  The partners at Turnspire are exceptional at what they do, and we couldn’t be more pleased that they once again trusted our ability to execute, in this case under a particularly tight timeframe.”

Backcast was represented in the transaction by Greenberg Traurig 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 over $1 billion of assets under management, the three Managing Partners at Backcast have 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.

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Mark Gudis, Managing Partner


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