Backcast Partners Puts Extra Holiday Cash in Jackson Hewitt’s Pocket with an Early Refund to Refinance Company’s Debt
NEW YORK, Oct. 3, 2023 /PRNewswire/ — 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 in support of Jackson Hewitt Tax Services, Inc. (“Jackson Hewitt” or the “Company”), the second largest tax prep provider in the United States. Backcast structured and agented a multi-party senior secured debt financing for the purpose of refinancing the Company’s existing syndicated bank debt and providing additional capital to accelerate the Company’s future growth plans.
“Jackson Hewitt is one of the clear market leaders in the tax prep industry, highlighted by its robust management team and trusted service offerings,” noted Mark Gudis, Managing Partner at Backcast. “The Company is dedicated to assisting hard-working Americans complete their taxes to receive a maximum tax refund and providing access to innovative, value-additive financial products. Mr. Gudis added, “This financing is yet another prime example of our ability to execute on a large, complex transaction, utilize our corporate operating partners for diligence and value creation, and deliver a flexible capital structure.”
“The Backcast team and their co-investment partners were diligent in understanding the intricacies of our business and created a flexible solution to support our future growth plans, so that we can continue to deliver the highest level of assisted tax services and products to our loyal clients,” said Justin DiTrolio, Jackson Hewitt’s Chief Financial Officer. “Their solutions-driven mindset and high degree of senior level engagement was simply outstanding.”
Backcast was represented in the transaction by Greenberg Traurig LLP. The Company was represented in the transaction by Chapman and Cutler LLP. Configure Partners was engaged by the Company as its investment banker to advise in raising debt capital to support the refinancing of Jackson Hewitt’s capital structure to accelerate the Company’s future growth plans.
About Jackson Hewitt Tax Service Inc.
Jackson Hewitt Tax Service Inc. is an innovator in the tax industry with a mission to provide its hard-working clients access to simple, low-cost solutions to manage their taxes and tax refunds. Jackson Hewitt is devoted to helping clients get ahead and stands behind its work with its Maximum Refund Guarantee and Lifetime Accuracy Guarantee® (restrictions apply, see Jackson Hewitt’s website for more details). Jackson Hewitt has more than 5,600 franchise and company-owned locations nationwide making it easy and convenient for clients to file their taxes. For more information about products, services, and offers, or to locate a Jackson Hewitt office, visit www.jacksonhewitt.com or call 1 (800) 234-1040.
About Backcast Partners
Backcast Partners, formed in 2016, manages value-additive, private credit investment funds providing capital to both private-equity backed and privately held management-owned companies and over $1.3 billion in AUM. 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 $20 million to over $100 million per transaction. Backcast Partners operates out of offices in New York City and Millburn, NJ, with a satellite office in Los Angeles, CA.
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
