New York, NY, September 23, 2020 – Churchill Asset Management (“Churchill”) today announced that it served as Joint Lead Arranger and Joint Bookrunner for a first lien credit facility to support the acquisition of Trachte USA (“Trachte” or the “Company”) from MPE Partners by a private fund affiliated with Palladium Equity Partners, L.L.C. (“Palladium”).
Founded in 1901 and headquartered in Oregon, WI, Trachte is a leading provider of easy-deployment application-engineered protection and control buildings serving a broad customer base of utilities and channel partners. Trachte’s custom-engineered products are used to house and protect critical infrastructure within transmission and distribution (“T&D”) substations and protect equipment such as switchgear, motor controls and fire protection pumps supporting the electrical grid.
“As one of the only industry participants with nationwide coverage, Trachte’s superior technical capabilities, value-added services and leading reputation make the Company a partner of choice for many utilities in the United States,” said Randy Schwimmer, Senior Managing Director and Head of Origination & Capital Markets, Senior Lending at Churchill. “With the nation’s massive T&D grid facing a need for significant investment, we are confident that the skilled team at Palladium will help Trachte to capture this opportunity for further growth.”
The financing represents the third transaction which Churchill’s senior loan team has completed in support of Palladium. A middle market private equity firm with approximately $3 billion in assets under management, Palladium has significant experience in consumer, services, industrials and healthcare businesses, with a special focus on founder/family-owned businesses.
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 Palladium Equity Partners, L.L.C.
Palladium is a middle market private equity firm with nearly $3 billion in assets under management. The firm seeks to acquire and grow companies in partnership with founders and experienced management teams by providing capital, strategic guidance and operational oversight. Since its founding in 1997, Palladium has made 36 platform investments and over 135 add-on acquisitions. For more information on Palladium, please visit www.palladiumequity.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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