New York, NY, February 5, 2020 – Churchill Asset Management (“Churchill”) today announced that it served as Joint Lead Arranger for a $295 million senior credit facility to support the acquisition of ILC Dover, Inc. (“ILC Dover” or the “Company”) by New Mountain Capital.
Founded in 1947, ILC Dover designs and manufactures a broad range of innovative, highly engineered products utilizing high-performance flexible materials. The Company has a more than seventy-year heritage of innovation, and commitment to expanding its product portfolio of mission-critical applications to end use cases including single-use pharmaceutical and biopharmaceutical production, personal safety, industrial packaging, infrastructure protection and a range of solutions for human space flight. The Company serves its global customer base today across six facilities located in North America, Europe and Asia.
“ILC Dover is a true innovator, with customers relying heavily on the Company’s materials science-based solutions to protect people and high-value assets, while reducing total cost of ownership,” said Randy Schwimmer, Senior Managing Director and Head of Origination & Capital Markets, Senior Lending at Churchill. “We are excited about this opportunity to once again partner with New Mountain Capital as they support ILC Dover’s growth strategy and further innovation.”
The financing represents the fifth transaction that Churchill’s senior loan team has completed in support of New Mountain Capital, a leading growth-oriented investment firm with over $20 billion in assets under management.
“We greatly appreciated Churchill’s flexibility and swift execution as we pursued our acquisition of ILC Dover,” said Laura Holson, Managing Director & Head of Capital Markets at New Mountain Capital. “Having closed several transactions together, the Churchill team has proven to be a reliable and trusted lending partner to our portfolio companies, and we look forward to continuing the partnership.”
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 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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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.