New York, NY, September 14, 2020 – Churchill Asset Management (“Churchill” or the “Firm”) today announced that it served as Sole Lead Arranger for a senior secured credit facility to support the acquisition of Interactive Services by LRN Corporation (“LRN” or the “Company”), a portfolio investment of Leeds Equity Partners (“Leeds”).
The combination of LRN with Dublin, Ireland-based Interactive Services enriches the company’s offerings through more custom solutions, additional analytics and a broader and deeper library of content. The combined company’s comprehensive ethics and compliance offering which includes education, technology, advisory services and analytics enables organizations to successfully navigate the complex legal, compliance, regulatory, and operating environments across the globe.
“With a 25-year history as a market leader in ethics and compliance, LRN is well positioned to continue to address the growing shift toward corporate responsible behavior through its partnership with Interactive Services,” said Randy Schwimmer, Senior Managing Director and Head of Origination & Capital Markets, Senior Lending at Churchill. “We are excited to partner with Leeds Equity once again on this transaction and look forward to the continued success of LRN.”
Churchill has provided senior secured financing facilities in support of several investments by New York City-based Leeds Equity Partners. With $2.5 billion of capital under management, Leeds Equity is the largest private equity firm with an exclusive focus on the “Knowledge” sector, which is comprised of the education, training, and information services industries.
“Given the Churchill team’s ability to provide a streamlined, tailored solution in an expedited timeframe during our initial investment in LRN, we were pleased to work with the team once again on this transaction” said Kevin Malone, Principal at Leeds Equity Partners. “We look forward to our continued partnership, on this deal and others in the future.”
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 $24 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 80 professionals in New York, Charlotte and Chicago. More information can be found at www.churchillam.com.
About Leeds Equity Partners
Leeds Equity Partners, LLC, is a New York-based private equity firm dedicated exclusively to partnering with management teams in the education, training and information services industries. The firm was founded in 1993 and currently manages $2.5 billion of capital across a broad spectrum of companies within the knowledge industries. Leeds Equity seeks to leverage its sector-focused expertise and market insights to create long-term value for its portfolio companies.
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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 Advisers 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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