New York, NY, November 10, 2020 – Churchill Asset Management (“Churchill”) today announced that it served as administrative agent and sole lead arranger for a senior secured credit facility in support of the acquisition of Multi-Tech Systems, Inc. (“Multi-Tech”) by SmartWave Technologies (“SmartWave”), a portfolio company of Northlane Capital Partners.
Founded in 1970 and headquartered in Mounds View, MI, Multi-Tech is a leading global supplier of Industrial Internet of Things (“IIoT”) communication devices and services. SmartWave, founded in 1994 and headquartered in Toronto, ON, is a designer and provider of electronic and electromechanical systems for a range of end markets including healthcare, hygiene, sanitary, and plumbing. SmartWave sensor technology is used in products such as touchless soap dispensers, automatic faucets and flushers, and pest traps. The combined entity, which will operate under the Multi-Tech brand, will drive deployment of proven Industrial IoT first-to-market innovations to further scale the deployment of smart assets, durables and industrial consumables.
“Multi-Tech has a reputation for best-in-class industrial communications equipment and the combination with SmartWave is particularly valuable in light of the COVID-19 pandemic as we increasingly utilize sensor technology in healthcare and hygiene,” said Randy Schwimmer, Senior Managing Director and Head of Origination & Capital Markets at Churchill. “Northlane is the ideal partner to complement two innovative technology companies and we look forward to supporting the Company’s growth plans.”
Northlane Capital Partners is a middle market private equity firm focused on key segments within the healthcare and business services sectors, where its principals have invested $1.5 billion of equity capital. This marks the second transaction that Churchill has helped finance for Northlane.
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 $24 billion of committed capital, we provide first lien, unitranche, second lien and mezzanine debt, in addition to equity co-investments and private equity fund commitments. Churchill has a long history of disciplined investing across multiple economic cycles and our unique origination strategy, best in class execution and investment are driven by more than 80 professionals in New York, Charlotte and Chicago. More information can be found at www.churchillam.com.
About Northlane Capital Partners
Based in Bethesda, MD, Northlane Capital Partners is a middle market private equity firm focused on key segments within the healthcare and business services sectors, where its principals have invested $1.5 billion of equity capital. NCP’s strategy is to partner with industry-leading companies and great management teams, aligning incentives to accelerate growth and build value. Northlane Capital Partners was recently named to Inc.’s 2020 Private Equity 50 list of the top founder-friendly private equity firms. For more information, please visit www.northlanecapital.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 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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