New York, NY, November 19, 2018 – Churchill Asset Management (“Churchill”) today announced that it served as Sole Lead Arranger for an $87.8 million senior secured credit facility to support Wynnchurch Capital’s acquisition of Midland Metal Manufacturing (“Midland”) and the company’s combination with Anderson Metals (“Anderson”). Anderson has been a portfolio company of Wynnchurch Capital since January 2018.
Midland is a distributor with over 13,000 SKUs comprising valves, fittings and related products, serving the general industrial, fluid power, oil and gas, agriculture, truck and trailer and other end-markets. Anderson is a manufacturer and distributor of brass fittings, valves, pipe nipples and related products with over 12,000 SKUs serving the plumbing, hardware, industrial and other end-markets. Both companies are based in Kansas City, MO.
“The natural combination of Anderson and Midland will provide scale across a variety of end-markets and product offerings, creating a leading platform amidst the highly fragmented industrial-supply distributor market,” said Randy Schwimmer, Senior Managing Director and Head of Origination & Capital Markets at Churchill. “We are thrilled to partner with Wynnchurch to support the company’s organic growth initiatives and strategic acquisitions.”
The financing represents the first transaction that Churchill has completed in support of Wynnchurch Capital. Wynnchurch is a Rosemont, IL-based leading middle market private equity firm that is actively investing from its $1.3 billion Fund IV.
“Churchill exceeded our expectations of a financing partner, as they demonstrated a deep understanding of the businesses, while offering a flexible financing solution in a highly expedited timeframe,” said Greg Gleason, Managing Director at Wynnchurch Capital, adding, “We look forward to building on our strong and growing relationship.”
About Churchill Asset Management LLC
Based in New York, Churchill Asset Management LLC 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 $5.3 billion of committed capital under management and has broad experience in all aspects of the middle market financing business, including structuring, credit analysis, syndication, and deal monitoring and oversight. More information can be found at www.churchillam.com.
About Wynnchurch Capital, LLC
Wynnchurch Capital, LLC, headquartered in the Chicago suburb of Rosemont, Illinois, with offices in California and 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 Capital manages a number of private equity funds with $2.2 billion of committed capital under management and specializes in recapitalizations, growth capital, management buyouts, corporate carve-outs and restructurings. For more information, please visit: www.wynnchurch.com.
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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, Members FINRA and SIPC.
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