Churchill Serves as Administrative Agent for a $65 Million Senior Secured Credit Facility to Support Altamont Capital Partners’ Acquisition of Cornerstone Advisors, Inc.

New York, NY, October 7, 2020 – Churchill Asset Management (“Churchill”) today announced that it served as Administrative Agent for a $65 million senior secured credit facility to support the acquisition of Cornerstone Advisors, Inc. (“Cornerstone” or the “Company”) by Altamont Capital Partners (“Altamont”).

Founded in 2002 and headquartered in Scottsdale, AZ, Cornerstone is a leading provider of advisory services that drive revenue and profitability improvements for mid-size banks and credit unions. Led by founders Scott Sommer and Steve Williams, who will remain as CEO and President respectively, Cornerstone has grown consistently by providing high-quality services to its national client base.  The firm offers a broad set of bespoke advisory services with leading contract negotiation led by COO Bob Roth.

“As evidenced by its high degree of repeat clientele, Cornerstone has created significant value for hundreds of mid-size banks and credit unions by helping to drive revenue and profitability through advisory services and information solutions,” said Alona Tolentino Gornick, Principal, Origination at Churchill. “The Company has a strong position and brand in a niche market, and Churchill is confident that the skilled team at Altamont will continue to support the Company’s growth.”

The financing represents the first transaction which Churchill’s senior loan team has completed in support of Altamont Capital Partners, a middle-market focused private equity firm with over $2.5 billion of assets under management in over 25 portfolio companies.

“We greatly appreciate Churchill’s balance sheet strength, flexibility and swift execution during our first transaction together,” said Pete Meyerdirk, Director of Capital Markets at Altamont. “Particularly in light of the current market environment, Churchill’s partnership approach and reliability has been extremely valuable, and we look forward to building a strong and growing relationship.”

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

About Altamont Capital Partners

Altamont Capital Partners is a private investment firm based in the San Francisco Bay Area with more than $2.5 billion of assets under management. Altamont is focused on investing in middle market businesses where it can partner with leading management teams to help its portfolio companies reach their full potential. The firm’s principals have significant experience building business success stories across a range of industries, including healthcare, consumer/retail, industrials, and financial services. Specifically, within business and financial services, Altamont has invested in Omniplex, McLarens Global, Celestite Holdings, Embark General, Kuvare Holdings, and Accelerant Holdings.

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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.

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The material is for informational purposes only and should not be regarded as a recommendation or an offer to buy or sell any product or service to which this information may relate. Certain products and services may not be available to all entities or persons. Past performance does not guarantee future results. Please note investments in middle market loans are subject to various risk factors, including credit risk, liquidity risk and interest rate risk. Churchill Asset Management LLC is a majority-owned subsidiary and member of the TIAA group of companies.