Churchill Serves as Administrative Agent & Sole Lead Arranger for $80 Million Senior Secured Financing Facility to Support Sentinel Capital Partners’ Acquisition of SSJA Bariatric Management

New York, NY, September 19, 2019 – Churchill Asset Management (“Churchill”) today announced that it served as Administrative Agent and Sole Lead Arranger for an $80 million senior secured credit facility to support the acquisition of SSJA Bariatric Management, LLC (“SSJA” or the “Company”) by Sentinel Capital Partners.

SSJA is the leading provider of administrative support services to bariatric surgery offices in the U.S. SSJA provides services to 15 bariatric surgery offices in New York, New Jersey, and Connecticut that collectively operate as the New York Bariatric Group (“NYBG”). 

“With a renowned clinical reputation of leading bariatric surgeons, NYBG is a differentiated practice offering unmatched care for its patients and a comprehensive suite of weight-loss solutions,” said Randy Schwimmer, Senior Managing Director and Head of Origination & Capital Markets. “Sentinel Capital Partners is a longstanding partner of the Churchill platform, and we’re thrilled to support their acquisition of SSJA and the Company’s best-in-class team as they pursue new avenues of growth.”

The financing represents the sixth transaction that the Churchill platform has completed in support of Sentinel Capital Partners and the third in the last 12 months. Founded in 1995, Sentinel Capital Partners is one of the nation’s leading private equity firms focused on lower middle market companies in the U.S. and Canada.

“Churchill’s ability to provide large, flexible balance sheet solutions, combined with their deep understanding of the industry and our execution strategy, made them an excellent financing partner on this transaction,” said Paul Murphy, a partner at Sentinel Capital Partners, adding “We look forward to working with them again in the future.”

About Churchill Asset Management LLC

Based in New York, Churchill Asset Management LLC, a majority-owned affiliate of Nuveen (the asset management division of TIAA) is a leading provider of senior and unitranche debt financing for middle market companies, particularly those backed by top-tier private equity sponsors. Churchill has $6.8 billion of committed capital under management and has broad experience in all aspects of the middle market financing business, including origination, structuring, credit analysis, syndication, and deal monitoring and oversight. More information can be found at www.churchillam.com.

About Sentinel Capital Partners

Sentinel specializes in buying and building businesses in the lower midmarket in the United States and Canada in partnership with management. Sentinel targets aerospace and defense, business services, consumer, distribution, food and restaurants, franchising, healthcare, and industrial businesses. Sentinel invests in management buyouts, recapitalizations, corporate divestitures, and going-private transactions of established businesses with EBITDA of up to $65 million. Sentinel also invests in special situations, including balance sheet restructurings and operational turnarounds. For more information about Sentinel, visit www.sentinelpartners.com.

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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 Advisers LLC, a registered investment advisor and wholly owned subsidiary of TIAA, and distributed by Nuveen Securities, LLC, Member FINRA and SIPC.

Investments in middle market loans are subject to certain risks. Please consider all risks carefully prior to investing in any particular strategy. These investments are subject to credit risk and potentially limited liquidity, as well as interest rate risk, currency risk, prepayment and extension risk, and inflation risk.

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