New York, NY, October 7, 2019 – Churchill Asset Management (“Churchill”) today announced that it served as Administrative Agent & Sole Lead Arranger for a $90 million senior secured credit facility to support the acquisition of emids by New Mountain Capital.
Founded in 2000, and headquartered in Nashville, TN, emids partners with health technology companies, payers, providers, and life science firms to accelerate the adoption of next-generation digital technologies and manage an increasingly complex data ecosystem to drive high quality, accessible, and affordable healthcare. The Company provides digital transformation, clinical data engineering, custom software development, data analytics and integration, and strategic advisory consulting services nationwide.
“emids is a pioneer in the healthcare information technology services sector, enabling digital transformation and creating tremendous value for its clients,” said Randy Schwimmer, Senior Managing Director and Head of Origination & Capital Markets at Churchill. “We’re thrilled to be partnering with the company’s terrific management team and New Mountain Capital on this transaction.”
The financing represents the fourth transaction that the Churchill platform has completed in support of New Mountain Capital, a leading New York, NY-based growth-oriented investment firm with over $20 billion in assets under management. New Mountain Capital is currently investing capital committed to its fifth private equity fund.
“Consistent with our previous experiences, Churchill’s ability to provide large, flexible balance sheet solutions, combined with their industry expertise, made them an excellent partner on this transaction,” said Laura Holson, managing director and head of capital markets at New Mountain Capital. “We look forward to continuing our relationship with the Churchill team.”
About Churchill Asset Management LLC
Based in New York, Churchill Asset Management LLC, a majority-owned affiliate of Nuveen (the asset manager 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 New Mountain Capital
New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, public equity, and credit funds with over $20 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information on New Mountain Capital, please visit www.newmountaincapital.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, 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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