Backcast Partners Facilitates Strategic Acquisition of Busmax by Seneca Partners

Backcast Partners, a prominent provider of debt and equity capital aimed at middle-market companies, recently unveiled its involvement in the acquisition of Nomlas Ventures Inc., more commonly known as Busmax. This announcement, made on September 23, 2025, underlines Backcast's commitment to supporting innovative financial strategies in the transportation sector.

Seneca Partners, an independent financial sponsor recognized for its strategic investments, successfully acquired Busmax with the assistance of Backcast. The acquisition marks a significant milestone, as Busmax is a well-established player in the passenger bus, van, and car rental industry across the Southeastern United States. Operating since 1981 and based in Rome, Georgia, Busmax has been family-owned by the Salmon family for over forty years. Remarkably, the Salmons will retain an ownership stake, ensuring continuity and the legacy of service they have built.

Michael Skaff, Managing Director at Seneca Partners, emphasized the beneficial relationship between his team and Backcast, noting the latter's expertise in structuring complex financial transactions and collaborating effectively to achieve long-term strategic goals. "The Backcast team demonstrated discerning analysis, creative structuring and a resolute commitment to completing this transaction," he remarked, highlighting the collaborative nature of their partnership. This acquisition is the second investment that Seneca and Backcast have completed together, reflecting a mutual trust and successful working relationship that they hope to continue into future projects.

Mark Gudis, Managing Partner at Backcast, underscored the unique market position of Busmax and the compelling value proposition it offers to customers. He mentioned the company's distinctive operating model and strong reputation, virtues that have evolved over decades, led by the Salmon family. Gudis expressed confidence in Seneca's capabilities and vision, which are expected to foster substantial growth and enhance long-term value for Busmax.

Backcast Partners is particularly proud of its portfolio which features numerous investments in lower-middle-market businesses. With approximately $1.4 billion in assets under management, Backcast aims to support companies with earnings before interest, taxes, depreciation, and amortization (EBITDA) ranging from $7.5 million to $50 million. Their flexible capital mandate allows for investments between $20 million and $150 million per transaction, thus enabling them to adapt to diverse business needs.

This transaction was not only pivotal for the investment entities involved, but it also highlights Busmax's future in the arena of transportation services. As the company transitions under new ownership, the combination of Backcast's financial backing and Seneca's operational insights is poised to enhance Busmax's service delivery and market reach. Observers are keen to see how the synergy between these established firms will unfold in the months and years to come, particularly within the broader context of evolving consumer needs and industry challenges.

In conclusion, Backcast Partners' role in supporting Seneca Partners' acquisition of Busmax signifies a strong commitment to fostering growth within the transportation sector. By leveraging their combined expertise and resources, both companies aim to drive significant improvements in service quality, operational excellence, and market share for Busmax. This acquisition not only supports the legacy of the Salmon family but also paves the way for an exciting future for transportation services in the Southeast U.S.

For more information on investment opportunities and updates, interested parties can reach out to Mark Gudis or David Petrucco, Managing Partners at Backcast Partners, through their official website.