The Alaska Club Gains Support from Backcast Partners for Growth Recapitalization
Deal News | Nov 04, 2024 | Backcast Partners LLC
Backcast Partners has strategically invested in the recapitalization and growth of The Alaska Club, a fitness and recreation chain in Alaska, through a senior secured debt investment. The Alaska Club is a portfolio company of Partnership Capital Growth, a private equity firm focusing on consumer-oriented companies in healthcare, fitness, and lifestyle sectors. The Alaska Club operates 16 locations across Alaska, majorly in Anchorage, Fairbanks, and Juneau, providing diverse fitness services. The recapitalization deal, facilitated by legal representation from McGuireWoods and Dentons Durham Jones Pinegar P.C., showcases Backcast's investment strategy in middle-market companies, with over $1.3 billion in assets under management. This investment also highlights the collaborative and innovative approach both firms employed to enhance the club's service quality and member retention.
Sectors
- Private Equity
- Fitness and Recreation
- Debt Investment
Geography
- United States – The article focuses on a transaction involving a U.S.-based company, The Alaska Club, with operations in Alaska. Backcast Partners is also based in the U.S.
- Alaska – The Alaska Club's operations are primarily located in Alaska, emphasizing the regional focus of the investment.
- New York – Backcast Partners, a participant in the investment, has office presence in New York.
Industry
- Private Equity – This involves Backcast Partners and Partnership Capital Growth, both of which are private equity firms actively investing in growth and recapitalization of middle-market companies.
- Fitness and Recreation – The Alaska Club operates within this industry, providing fitness and recreational services across multiple locations in Alaska.
- Debt Investment – Backcast Partners provided a senior secured debt investment to The Alaska Club, highlighting the financial services aspect of the deal.
Financials
- $1.3 billion – Backcast Partners' assets under management, indicating the firm's capacity for large scale investments.
- $20 million to $150 million – The typical investment range per transaction by Backcast Partners.
- $7.5 million to $50 million – Typical EBITDA range for mid-market companies that Backcast Partners targets for investment.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| The Alaska Club | Target Company | Company | The leading fitness and recreational facility operator in Alaska, recipient of the debt investment. |
| Backcast Partners LLC | Bidding Company | Company | A private investment firm providing the senior secured debt investment for The Alaska Club's recapitalization. |
| Partnership Capital Growth | Private Equity Sponsor | Company | An established private equity firm specializing in consumer-driven sectors, currently sponsoring The Alaska Club. |
| McGuireWoods LLP | Legal Advisor to Backcast | Company | The law firm representing Backcast Partners in the transaction. |
| Dentons Durham Jones Pinegar P.C. | Legal Advisor to The Alaska Club | Company | The law firm representing The Alaska Club in the transaction. |
| Upwelling Capital Group LLC | Other Advisor to The Alaska Club | Company | Involved in advising The Alaska Club on the transaction. |