Churchill’s Private Equity & Junior Capital team completes co-investment alongside Mill Rock Capital in Trojan Lithograph Corporation

Charlotte, NC, September 1, 2020 – Churchill Asset Management (“Churchill” or the “Firm”) today announced a direct investment in Trojan Lithograph Corporation (“TrojanLitho” or the “Company”). TrojanLitho is a leading provider of high-end, graphic packaging solutions to blue-chip and emerging brand customers in the food and beverage, consumer healthcare and consumer goods end markets. Headquartered in Renton, WA, the Company has a full suite of scalable solutions focusing on multi-SKU, short-to-mid run, design-intensive packaging options.

“In today’s consumer market where retailers need to differentiate themselves from competitors, Trojan Lithograph’s market leading, packaging solutions platform has incredible growth potential,” said Jason Strife, Senior Managing Director and Head of Private Equity & Junior Capital at Churchill. “We are excited for the opportunity to invest in Trojan Lithograph and look forward to its continued growth.”

“We are delighted to partner with Churchill on the TrojanLitho transaction and are grateful for our strategic relationship, which assisted in the formation of Mill Rock Packaging Partners LLC, a growth-oriented specialty packaging platform,” said Christopher Whalen, Co-Founder and Managing Partner of Mill Rock Capital. “Churchill’s vast experience, capital flexibility and unparalleled ability to navigate every facet of middle-market investing makes them a partner of choice. Their ability to seamlessly execute amidst a global pandemic enabled us to capitalize on a compelling opportunity in the specialty packaging sector.”

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, Churchill provides 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 Mill Rock Capital

Great Mill Rock LLC dba Mill Rock Capital is a growth and operations oriented private investment firm that invests in well-positioned middle market industrial businesses in North America. Mill Rock is purpose-built to invest in family-owned businesses, owner-operators and founder-led companies across six industry verticals in which the team brings more than 500 years’ direct operating experience. Focus sectors include chemicals, materials and packaging; industrial distribution; services; metals; transportation and logistics; and specialty manufacturing. Mill Rock supports business transformation through a dual-sourcing strategy encompassing majority equity and Activ Capital® – debt, senior equity or hybrid investments which provide business owners value-added financial partnership without relinquishing a controlling stake. For more information about Mill Rock Capital, visit www.millrock-cap.com.

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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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