New York, NY, October 28, 2020 – Churchill Asset Management (“Churchill” or the “Firm”) today announced that it served as Sole Lead Arranger for an $81 million senior secured credit facility to support the acquisition of Handgards (the “Company”) by Wind Point Partners.
Founded in 1959 and headquartered in El Paso, TX, Handgards manufactures and supplies a suite of disposable food safety and hygiene-oriented products for the foodservice industry, including gloves, bags, protective apparel, and flexible packaging.
“Handgards is deeply entrenched as an industry leader in the foodservice disposables market and has a significant market opportunity – particularly as sanitation and hygiene practices are increasingly imperative in today’s environment,” said Randy Schwimmer, Senior Managing Director and Head of Origination & Capital Markets at Churchill. “We are excited about the opportunity to partner with Wind Point Partners as they support Handgard’s growth strategy and development.”
The financing represents the second transaction this year that Churchill’s senior lending team has completed in support of Wind Point Partners, a Chicago-based private equity firm focused on middle-market businesses. Since its founding in 1984, Wind Point Partners has acquired more than 100 platform companies and 300 add-on acquisitions.
“Churchill proved to be a terrific partner throughout the Handgards transaction process,” said Peter Leemputte, Vice President at Wind Point Partners. “Churchill consistently adapted amidst a challenging capital markets environment, and we look forward to working together during the life of the loan.”
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. Additional information about Churchill is available at www.churchillam.com.
About Wind Point Partners
Wind Point Partners is a Chicago-based private equity investment firm with approximately $3 billion in assets under management. Wind Point focuses on partnering with top caliber management teams to acquire well-positioned middle market businesses where it can establish a clear path to value creation. The firm targets investments in the consumer products, industrial products and business services sectors. Wind Point is currently investing out of Wind Point Partners IX, a fund that was initiated in 2019. Additional information about Wind Point is available at www.windpointpartners.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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