New York, NY, April 21, 2022 – Churchill Asset Management (“Churchill”) today announced that it served as Lead Left Arranger and Administrative Agent for a $230 million senior secured credit facility in support of One Equity Partners’ (“One Equity”) acquisition of PGW Auto Glass (“PGW” or the “Company”).
Headquartered in Pittsburgh, PA, PGW is the largest aftermarket automotive glass distributor in North America, operating over 100 branches across the U.S. and Canada. The Company’s extensive distribution network and logistical capabilities allow it to offer same or next day delivery to over 90% of the U.S. population and maintain approximately 9,000 retail auto glass customer relationships.
“PGW has grown to become the largest glass distributor in North America by utilizing its hub and spoke business model to maximize efficiency and build its name in the industry,” said Randy Schwimmer, Senior Managing Director and Co-Head of Senior Lending at Churchill. “We are pleased to support the incredibly capable team at One Equity Partners as they partner with management to continue to impress and expand PGW’s mark on the North American auto glass market.”
The financing of PGW marks the fourth transaction which Churchill’s senior lending team has completed in support of One Equity Partners. With approximately $10 billion in assets under management, One Equity Partners is a New York-based middle market private equity firm focused on transformative combinations within the industrial, healthcare and technology sectors.
“Having previously completed several transactions with Churchill, we knew we could rely on the team’s professionalism, expertise and swift execution as we pursued this acquisition, and the firm’s ability to provide a sizable and fully underwritten financing solution was instrumental to the transaction,” said Steve Lunau, Managing Director at One Equity Partners. “We look forward to working with Churchill and the skilled management team at PGW to help the Company advance into its next stage of growth.”
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 $37 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 One Equity Partners
One Equity Partners is a middle market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm seeks to build market-leading companies by identifying and executing transformative business combinations. OEP is a trusted partner with a differentiated investment process, a broad and senior team, and an established track record generating long-term value for its partners. Since 2001, the firm has completed more than 300 transactions worldwide. OEP, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York, Chicago, and Frankfurt. For more information, please visit www.oneequity.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.