Churchill Serves as Sole Lead Arranger for a First Lien Credit Facility to Support Wynnchurch Capital’s Acquisition of Handgards
April 19 2024 - 10:00AM
Business Wire
Churchill Asset Management (“Churchill” or the “Firm”) today
announced that it served as Sole Lead Arranger for a first lien
credit facility to support the acquisition of Handgards (the
“Company”) by Wynnchurch Capital, L.P. (“Wynnchurch").
Headquartered in El Paso, Texas, Handgards is a leading
distributor of foodservice products, including disposable gloves,
reclosable bags, tabletop items, expendables, and other carryout
products. The Company operates eight facilities with over one
million square feet of space and ships over 18 million cases of
product annually.
“Handgards has been an existing portfolio company of Churchill’s
since 2020, and the Company continues to be a market leader with
significant room for future growth,” said Kevin Meyer, Managing
Director and Head of Origination at Churchill. “We are thrilled to
continue supporting Handgards and its experienced management team
as it enters this next chapter with Wynnchurch.”
The financing represents the second transaction that Churchill
has completed in support of Rosemont, IL-based Wynnchurch Capital,
a leading private equity firm with $9.2B of regulatory assets under
management. Since its founding in 1999, Wynnchurch Capital has
completed over 135 platform and add-on acquisitions.
“Churchill served as a terrific partner throughout the Handgards
transaction process,” said Mike MacKay, Principal at Wynnchurch.
“Churchill’s deep knowledge of the Company as an incumbent lender,
coupled with its balance sheet strength in committing to the full
senior loan facility proved invaluable in allowing for a swift and
timely execution. We look forward to our continued collaboration
and partnership with Churchill.”
About Churchill Asset Management LLC
Churchill, an investment-specialist affiliate of Nuveen (the
asset manager of TIAA), provides customized financing solutions to
middle market private equity firms and their portfolio companies
across the capital structure. With over $50 billion of committed
capital, we provide first lien, unitranche, second lien and
mezzanine debt, in addition to equity co-investments, secondary
solutions and private equity fund commitments. Churchill has a long
history of disciplined investing across multiple economic cycles
and our unique origination strategy, execution and investment are
driven by 170 professionals in New York, Charlotte, Chicago, Dallas
and Los Angeles. To learn more about Churchill, visit
https://www.churchillam.com.
About Wynnchurch Capital
Wynnchurch Capital, L.P., headquartered in the Chicago suburb of
Rosemont, Illinois, with an affiliate in Canada, was founded in
1999 and is a leading middle-market private equity investment firm.
Wynnchurch’s strategy is to partner with middle market companies in
the United States and Canada that possess the potential for
substantial growth and profit improvement. Wynnchurch manages a
number of private equity funds with $9.2 billion of regulatory
assets under management and specializes in recapitalizations,
growth capital, management buyouts, corporate carve-outs, and
restructurings. For more information, please visit:
https://www.wynnchurch.com or follow us on LinkedIn.
This material is not intended to be a recommendation or
investment advice, does not constitute a solicitation to buy, sell
or hold a security or an investment strategy, and is not provided
in a fiduciary capacity. The information provided does not take
into account the specific objectives or circumstances of any
particular investor, or suggest any specific course of action.
Financial professionals should independently evaluate the risks
associated with products or services and exercise independent
judgment with respect to their clients.
Churchill Asset Management is a registered investment advisor
and majority-owned, indirect subsidiary of Teachers Insurance and
Annuity Association of America. Certain Nuveen products are advised
by Nuveen Alternatives Advisors LLC, a registered investment
advisor and wholly owned subsidiary of TIAA, and distributed by
Nuveen Securities, LLC, Member FINRA and SIPC.
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Madison Hanlon pro-churchill@prosek.com