By Backcast Partners

NEW YORK, Aug. 25, 2026 /PRNewswire/ -- Backcast Partners ("Backcast"), a leading provider of debt and equity capital for middle-market companies, is pleased to announce its strategic debt investment in support of the recapitalization of Crossroads Live, Inc. ("Crossroads" or the "Company"). Crossroads is an existing portfolio company of Raven Capital Management ("Raven") and Cloverlay (together, the "Sponsors"), which are established private equity sponsors focused on niche strategies, including intellectual property and royalty assets.

The Company's inaugural platform acquisition was completed in 2019. Since then, the Sponsors have made several incremental acquisitions to build Crossroads into one of the leading international touring companies for theatrical intellectual property within the English-speaking world across multiple continents. The Company is also the largest producer of pantomimes in the United Kingdom.

Jeremy Tucker, Founding Member and Principal at Raven, said "The Backcast team has been great to work with, and we are excited to welcome them as a partner in Crossroads. They were thoughtful in their approach and developed a strong understanding of the unique market in which Crossroads participates. Their high degree of senior level engagement, along with the committed effort of their deal team, really set them apart."

Brett Cohen, Principal at Cloverlay, added "Backcast demonstrated a strong and clear knowledge of the industry and its drivers, and worked diligently with us and the Company to construct a solution for all stakeholders. They have been a great partner in this process, and we look forward to working with them going forward."

Ed Cerny, Managing Partner at Backcast, added "Backcast's support of Crossroads reflects our confidence in the Company's dominant position in a demonstrably resilient marketplace. Crossroads benefits from a robust offering of services, differentiated capabilities, and the exceptional reputation of both its management team and Sponsors. The platform that they have built is truly unique in the resilient touring industry, with more predictable, steady performance than other areas of the theatrical industry. No one else comes close to Crossroads' ability to provide quality touring productions across the English-speaking world."

Backcast was represented in the transaction by Greenberg Traurig LLP.

About Backcast Partners

Backcast Partners, formed in 2016, manages value-additive, credit-focused private investment funds providing capital to both private-equity backed and privately held management-owned companies. With approximately $1.3 billion in assets under management, the Backcast team has been supporting traditional middle-market companies ($7.5 million to $50 million of EBITDA) for decades. Backcast's managed funds have a very flexible capital mandate and seek to invest from $20 million to up to $150 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

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SOURCE Backcast Partners