New York, NY, September 17, 2021 – Churchill Asset Management (“Churchill”) today announced that it served as Lead Arranger and Administrative Agent for a senior secured credit facility in support of GenNx360 Capital Partners’ (“GenNx360”) acquisition of Whitsons Culinary Group (“Whitsons” or the “Company”).
Founded in 1979 and headquartered in Islandia, NY, Whitsons provides dining services to public and private organizations throughout the U.S. and is the Northeast region’s largest and most innovative food service company. The Company’s services include school nutrition, residential and healthcare dining, prepared meals, and emergency dining. Whitsons utilizes its Simply Rooted® philosophy of wholesome food and family values to deliver clean, natural ingredients and when possible, organic, non-GMO and locally sourced products. Additional information can be found at www.whitsons.com.
“Whitsons’ tenured management team has established a tangible value proposition by balancing nutrition, quality and pricing for their customers,” said Randy Schwimmer, Senior Managing Director and Co-Head of Senior Lending at Churchill. “This new relationship between Whitsons and GenNx360 represents a family management team hungry to grow the business partnering with an experienced middle market sponsor ready to help the Company navigate its next phase of expansion and development.”
The financing of Whitsons marks the fifth transaction which Churchill’s senior lending team has completed in support of GenNx360, a New York, New York-based firm focused on middle market business-to-business services and manufacturing companies throughout North America.
“Having worked with Churchill on several past transactions, we knew that we could rely on the team to act swiftly and decisively as we pursued this investment opportunity,” said Daphne Dufresne, Managing Partner at GenNx360. “We are very pleased to be partnering with Churchill again and look forward to continuing this relationship, through both our investment in Whitsons and other transactions.”
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 $31 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 100 professionals in New York, Charlotte and Chicago. More information can be found at www.churchillam.com.
About GenNx360 Capital Partners
GenNx360 Capital Partners is a private equity firm focused on acquiring middle market business services and industrial companies. GenNx360 partners with companies having proven and sustainable business models in expanding industries with the objective of implementing and supporting value-enhancing organic and inorganic initiatives to accelerate growth, deliver cost efficiencies, and generate strong financial returns. Target industries include industrial machinery and components, logistics and supply chain solutions, industrial and environmental services, food and agricultural products and services, infrastructure equipment and services, specialty chemicals, packaging, and aerospace and defense. GenNx360 was founded in 2006 and is headquartered in New York City.
For more information on GenNx360 Capital Partners, please visit http://www.gennx360.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 Advisors LLC, a registered investment advisor and wholly owned subsidiary of TIAA, and distributed by Nuveen Securities, LLC, Member FINRA and SIPC.