Backcast backs recapitalization of theatrical touring firm Crossroads Live

What's the deal? Backcast PartnersDealroom has a profile for this one. Try Dealroom → has provided a senior secured debt investment to support the recapitalization of Crossroads Live, a portfolio company of private equity sponsors Raven Capital ManagementDealroom has a profile for this one. Try Dealroom → and CloverlayDealroom has a profile for this one. Try Dealroom →. The New York-based lender announced the deal on August 25, 2026.

What does Crossroads do? The company is one of the leading international touring firms for theatrical intellectual property across the English-speaking world. It is also the largest producer of pantomimes in the UK.

Why now? Raven and Cloverlay completed the platform's inaugural acquisition in 2019, then added several incremental deals to build Crossroads across multiple continents. The recapitalization gives the sponsors and their new lender a fresh capital structure.

What's the endgame? Backcast, formed in 2016, manages roughly $1.3 billion in assets and invests $20 million to $150 million per transaction in middle-market companies. Its funds provide debt and equity capital to both sponsor-backed and management-owned businesses.

Ed Cerny, managing partner at Backcast, said the investment "reflects our confidence in the Company's dominant position in a demonstrably resilient marketplace." He added that touring offers "more predictable, steady performance than other areas of the theatrical industry."

What the sponsors say: Jeremy Tucker, founding member and principal at Raven, said Backcast "were thoughtful in their approach and developed a strong understanding of the unique market in which Crossroads participates." Brett Cohen, principal at Cloverlay, added the lender "worked diligently with us and the Company to construct a solution for all stakeholders."

The signal: The deal shows debt investors leaning into niche, intellectual property-driven entertainment assets, where recurring touring revenue can offer steadier returns than mainstream theatrical production.

Image credit: Shreveport-Bossier: Louisiana's Other Side