Palm Tree LLC (“Palm Tree”), a modern M&A advisor providing integrated investment banking, strategic finance, and transaction support services to middle market businesses, today announced that it has acquired Backbone Capital Advisors (“Backbone”), a middle market capital advisory firm. The Backbone team is joining Palm Tree’s capital markets group with Britt Terrell as a Managing Director, Head of Capital Markets. Terrell formerly led the debt capital markets effort at The Gores Group and will head up Palm Tree’s Capital Markets practice. He and his team bring more than 40 years of combined experience in middle market corporate finance to Palm Tree. Read more…

Backbone Capital increased the credit facility to ~$40M for the UK-London based Cairngorm PE fund, and its portco Sagehome to acquire an add-on target. This is the first add-on acquisition of this platform with more in its future.  Backbone looks forward to supporting Cairngorm on its continued growth in the US.

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“OpenGate engaged with Backbone Capital to arrange the debt financing for our acquisitions of Chemsolv/Chemisphere. Backbone immediately stepped up and worked closely with the OpenGate team to get info materials out to prospect lenders. Backbone became an extension of the OpenGate team, working with lenders, obtaining term sheets, narrowing to the final lender, negotiating credit agreements, covenants, fund flows, etc. Backbone runs a tight process and we look forward to working more with Backbone in the future.”

“Backbone Capital led the debt financing for X1 Saas software that concluded with a successful closing in a very efficient time-frame. As a lower middle-market growth company, there are niche lenders with very different approaches. Britt Terrell narrowed in on the most appropriate capital sources that yielded the best terms. We were able to close in a tight time-frame and are very happy with the experience, process and result. A successful conclusion, thanks to Britt/Backbone. Well done!”

Backbone Capital arranged the debt financing of X1 Discovery Saas software in Q1-22. The financing is based on a factor of Annual Recurring Revenue (ARR) and the purpose is to fund growth. With a new CEO in place, X1 is well positioned to achieve its growth plan. Backbone Capital is experienced and pleased to support lower middle-market growth tech-Saas software companies.

“As a UK based Private Equity fund doing our first US acquisition, we needed a US debt advisor that knows the US middle market debt capital markets, has relationships with a wide variety of banks and debt funds, and the transaction experience for tight professional execution under a short time-frame. Both Britt and Chas at Backbone Capital, drove an efficient debt capital raise process and added value at every step along the way from building info materials, delivering multiple term sheets, debt capital negotiations, closing documents and funding. Great job by all for a successful closing and on time!

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Backbone worked closely with client in full advisory capacity — working through financial models, negotiating and narrowing term sheets of the lender group, helping coordinate lender diligence, document negotiations and closing mechanics for a successful closing. Backbone is proud to work with quality clients such as OpenGate Capital.

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“The Backbone team was very proactive at each stage of the financing process, guiding us through term sheet negotiations and credit agreement issues to a successful closing. We appreciate their professionalism and would recommend Backbone to other companies seeking a capital transaction.”

Backbone Capital arranged a $25M senior debt credit facility for United Engineers & Constructors, a leading engineering services firm dedicated to the power plant industry. United is a company in transition that needed a flexible credit facility from a lender that understands their business and can work through a transition period. Backbone worked closely with the management team to understand the business and arrange the credit facility through various nuances to close the new financing.