New York, August 1, 2018 – Churchill Asset Management (“Churchill”) today announced that it served as Lead Arranger and Sole Bookrunner for a $67 million first lien credit facility to support the recapitalization of Midwest Can Company & Container Specialties Inc. (“Midwest Can”) by GenNx360 Capital Partners (“GenNx360”).
Based in Franklin Park, IL, Midwest Can is a leading manufacturer of high-density polyethylene (“HDPE”) portable fuel containers. Founded in 1951, the company designs and manufacturers fuel containers, water containers, funnels and drain pans for a diverse customer base consisting of automotive, hardware and home improvement retailers.
“MidWest Can’s management team has deep industry experience and a proven track record of growing organically through new product innovation,” said Randy Schwimmer, Senior Managing Director and Head of Origination & Capital Markets at Churchill. “We look forward to supporting GenNx360 and MidWest Can as together they continue to grow and expand the company.”
The financing represents the second transaction that the Churchill platform has completed in support of GenNx360 Capital Partners, a leading New York, NY-based private equity firm that has managed over $1.1 billion in original capital commitments in the industrial and business services industries.
About Churchill Asset Management
Based in New York, Churchill Asset Management LLC is a leading provider of senior and unitranche debt financing for middle market companies, particularly those backed by top-tier private equity sponsors. Churchill has $4.4 billion of committed capital under management and has broad experience in all aspects of the middle market financing business, including structuring, credit analysis, syndication, and deal monitoring and oversight. 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 invests in companies with proven and sustainable business models in expanding industries with the objective of implementing the required operating changes to deliver cost efficiencies, accelerate growth, 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)
# # #
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, 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.
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.