Churchill Serves as Lead Arranger and Administrative Agent for a Senior Secured Credit Facility to Support BharCap Partners’ Acquisition of ARMStrong Receivable Management

New York, NY, October 25, 2023 Churchill Asset Management (“Churchill”) today announced that it served as Lead Arranger and Administrative Agent for a senior secured credit facility in support of BharCap Partners’ (“BharCap”) acquisition of ARMStrong Receivable Management (“ARMStrong” or the “Company”).

Based in Itasca, IL, ARMStrong specializes in receivable management solutions for insurance companies, including insurance premium audit and recovery, subrogation solutions, and third-party deductible identification and recovery. The Company has over 3,000 clients, including 22 of the 25 largest property and casualty insurance companies in the U.S. ARMStrong also provides receivable management services for corporate clients within multiple industries, including technology, transportation, and business services.

“ARMStrong’s business model boasts a highly diversified, blue-chip customer base and an impressive array of end markets served. From its origins as a specialist in insurance premium recovery services, the Company has evolved to provide insurers with a full suite of receivables solutions by diversifying its end market and transaction focus,” said Randy Schwimmer, Senior Managing Director and Co-Head of Senior Lending at Churchill. “We are excited for the Company to continue its expansion as the management team partners with BharCap, whose deep experience in the financial services space will help to further distinguish the ARMStrong brand.”

This financing marks the first transaction which Churchill’s senior lending team has completed in support of BharCap Partners, a private investment firm investing in businesses across the financial services industry. The BharCap Partners team have been involved with investments totaling over $1.0 billion in numerous companies dating back to 2004.

“On our first transaction together, we were very impressed with Churchill’s professionalism, industry expertise, and ability to provide a sizeable and tailored financing solution that can scale with ARMStrong’s business over time,” said Bharath Srikrishnan at BharCap Partners. “We look forward to building our relationship with the Churchill team.”

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 $47 billion of committed capital, we provide first lien, unitranche, second lien and mezzanine debt, in addition to equity co-investments, secondary solutions and private equity fund commitments. Churchill has a long history of disciplined investing across multiple economic cycles and our unique origination strategy, execution and investment are driven by more than 160 professionals in New York, Charlotte, Chicago, Dallas and Los Angeles. To learn more about Churchill, visit

About BharCap Partners

BharCap Partners, LLC (“BharCap”) ( is a private investment firm investing in businesses across the financial services industry including insurance distribution and insurance services; asset and wealth management; financial technology and tech-enabled business services; and specialty finance. BharCap is a minority-owned and controlled firm and members of the BharCap team have been involved, as both an investor and an operator, with investments in numerous financial services companies totaling in excess of $1.3 billion of equity capital.


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.


Churchill Asset Management
375 Park Avenue, 9th Floor
New York, NY 10152
(212) 478-9200

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