Backcast Partners provides additional capital to one of its portfolio companies, managed by Panos Partners, to consummate a synergistic acquisition in the healthcare services space
NEW YORK, Sept. 23, 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 an additional investment to support the synergistic acquisition by its existing portfolio company, Memorial MRI & Diagnostic (“Memorial”) of Dallas-Fort Worth based Prime Diagnostic Imaging and its pain management arm, Foundation Physicians Group (“Prime”). Memorial, a healthcare service platform of Dallas-based private equity firm Panos Partners, is a regional provider of diagnostic imaging and pain management services in the two largest metroplexes in Texas with 17 locations.
Backcast Managing Partner David Petrucco said of the investment, “Prime is a strong complementary fit to the Memorial platform, not only through the tremendous opportunity for incremental revenue generation by deploying Memorial’s care pathways in Prime’s geographies, but also through the expansion to Prime of the litigation service side of the diagnostic imaging and pain management businesses, where Memorial is a trusted leader. We believe both Panos and the Memorial management team will drive significant value creation as a result of this latest acquisition, as has been the case since we backed Panos in their 2019 acquisition of Memorial.”
Backcast’s investment in Memorial now consists of over $150 million of senior secured debt and preferred equity provided by both its fund and managed co-investment vehicles.
Bryan Scott, Managing Partner and Founder at Panos Partners, commented: “We have enjoyed working with Backcast over the past several years and could not ask for a better partner. They have been insightful in how they collaborate, which has enabled Memorial to continue its growth. We continue to appreciate Backcast’s ability to move quickly and provide the highly flexible, multi-tranche capital that was required to close this proprietary acquisition.”
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.
About Panos Partners
Formed in 2016, Panos is a Dallas-based private equity sponsor focused on making investments in middle market healthcare and business services companies. Panos’ managing partners are seasoned operating executives who have a track record of building businesses and assisting entrepreneurs grow their enterprises. Panos has $175M+ in assets under management.
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