Backcast Partners Management, LLC announced the formation of a middle-market investment business.  The predominant focus of Backcast will be providing direct investment debt and, to a lesser extent, equity capital in support of North American middle-market businesses (generally $10 million to $50 million of EBITDA) across a wide spectrum of industries.  The firm operates out of offices in New York City, Millburn, New Jersey and Los Angeles.

Backcast was founded by longtime middle market veterans Edward Cerny and David Petrucco and is a continuation of their previous partnerships and extensive experience in middle market direct investing.  In 2008, Messrs. Cerny and Petrucco founded Kayne Anderson Capital Advisors' Middle Market Credit platform, where they managed multiple vehicles focused on middle-market credit.  They are joined by Founding Partner Mark Gudis, who will oversee transaction sourcing for Backcast.  Gudis is a longtime colleague of Messrs. Cerny and Petrucco, including at The Blackstone Group, where all three served as Managing Directors in that firm's Corporate Debt Group, and where Mr. Gudis also oversaw transaction sourcing.  The three have been engaged in middle market investing for 25 years on average with experience at leading financial institutions including DLJ Merchant Banking, UBS, GE Capital, Kayne Anderson, RBS, SAC Capital, and Blackstone.

Gudis noted, "Our market has always been defined by personal relationships, which take years, if not decades, to develop and are at the heart of successful and differentiated transaction sourcing.  We have found that being fortunate enough to possess the kind of relationships that Ed, Dave and I have maintained over the last 25 years makes a real difference in investment outcomes."