Charlotte, NC, April 16, 2021 – Churchill Asset Management (“Churchill”) today announced a direct investment in Carolina Foods, LLC (“Carolina Foods” or the “Company”) in support of Falfurrias Capital Partners (“Falfurrias”). Carolina Foods is a leading manufacturer and distributor of indulgent foods and snacks, with a primary offering of donuts, honey buns and other pastry products. Its customers include a national base of blue-chip club stores, leading c-store brands and distributors. In addition to its well-known Duchess Brand products, Carolina Foods engages in private label, foodservice manufacturing and custom product formulation.
“Carolina Foods has both market-leading capabilities in manufacturing and a strong track record of innovation as a co-packer and private label producer,” said Derek Fricke, Managing Director of Churchill’s Private Equity & Junior Capital team. “The Falfurrias team brings its deep experience growing customer relationships in the grocery and convenience space where Carolina Foods operates, and we look forward to supporting the partnership as they grow an already strong business.”
This represents the fifth transaction Churchill’s Private Equity & Junior Capital team has completed in support of Falfurrias, a Charlotte, NC-based private equity firm focused on partnering with proven management teams to build world class middle market businesses.
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 $30 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 Falfurrias Capital Partners
Falfurrias is a Charlotte, NC-based leading private equity firm founded in 2006 with the objective of partnering with proven management teams to build world class middle market businesses. The Falfurrias team utilizes their industry expertise to help their portfolio companies manage and execute strategic initiatives. Since inception, the founders and partners have raised close to $1 billion across the firm’s four funds. More information can be found at https://falfurriascapital.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 Advisers LLC, a registered investment advisor and wholly owned subsidiary of TIAA, and distributed by Nuveen Securities, LLC, Member FINRA and SIPC.
Investments in middle market loans are subject to certain risks. Please consider all risks carefully prior to investing in any particular strategy. These investments are subject to credit risk and potentially limited liquidity, as well as interest rate risk, currency risk, prepayment and extension risk and inflation risk.