New York, NY, March 3, 2020 – Churchill Asset Management (“Churchill”) today announced that it served as Joint Lead Arranger and Joint Bookrunner for a senior secured credit facility to support the acquisition of ALC Schools, LLC and Red Rock Technology, LLC (together, “ALC” or the “Company”) by affiliates of Palladium Equity Partners, L.L.C. (“Palladium”).
Founded in 2006, ALC is a provider of outsourced alternative student transportation solutions in the United States. ALC provides government-mandated services for a variety of student populations at over 400 school districts in 20 states, each with unique transportation needs. ALC uses a proprietary routing and optimization software to coordinate reliable and safe student transportation, as well as provide districts with significant cost-savings and efficiencies.
The financing represents the second transaction that Churchill’s senior lending team has completed in support of an investment by 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 $22 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 60 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 approximately $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 35 platform investments and over 135 add-on acquisitions. For more information on Palladium Equity Partners, 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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