New York, NY, January 11, 2023 – Churchill Asset Management (“Churchill”) today announced that it served as Lead Left Arranger for a $385 million first lien credit facility in support of Pritzker Private Capital’s (“PPC”) acquisition of Kenco Logistics (“Kenco” or the “Company”).
Founded in Chattanooga in 1950, Kenco provides integrated 3PL supply chain solutions for more than 200 clients across a wide range of industries and verticals, including outsourced distribution and warehouse management, eCommerce fulfillment, transportation management, material handling and automation services. Kenco today manages more than 100 distribution facilities comprising 36 million square feet of space, backed by a team of more than 5,000 employees. The Company serves as a critical supply chain partner for customers in the CPG, food and beverage, healthcare, durable goods, retail, industrial and information technology end markets, and generates more than $1 billion in revenue.
“Kenco’s successful operating history serving a diversified, blue-chip customer base has driven strong revenue retention and allowed the Company to further increase its market share in the outsourced distribution services space,” said Randy Schwimmer, Senior Managing Director and Co-Head of Senior Lending at Churchill. “We are pleased to support Kenco’s new partnership with Pritzker Private Capital, whose successful track record in the services sector positions the Company for further growth and success in the 3PL market.”
The financing of Kenco marks Churchill’s fourth traditional middle market senior loan financing with PPC, and the tenth transaction with PPC across the Churchill platform, including upper middle market, junior capital and equity co-investments. A Chicago-based leader in family direct investing, PPC partners with middle-market companies based in North America with leading positions in the manufactured products and services sectors.
“Having worked with the Churchill team on several transactions, we felt that we could rely on the team’s professionalism, expedited timeframes and understanding of our investment angle as we pursued this investment in Kenco,” said Anthony Cardona, Principal at Pritzker Private Capital. “We look forward to our continued partnership with Churchill and our new partnership with the skilled management team at Kenco.”
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 over $46 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 140 professionals in New York, Charlotte, Chicago, Dallas and Los Angeles. More information can be found at www.churchillam.com.
About Pritzker Private Capital
Pritzker Private Capital partners with middle-market companies based in North America with leading positions in the manufactured products and services sectors. The firm’s differentiated, long-duration capital base allows for efficient decision-making, broad flexibility with transaction structure and investment horizon, and alignment with all stakeholders. Pritzker Private Capital builds businesses for the long term and is an ideal partner for entrepreneur- and family-owned companies. Pritzker Private Capital is a signatory to the United Nations Principles for Responsible Investment (PRI). For more information, visit PPCPartners.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.
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