Churchill’s Private Equity & Junior Capital Team Completes Direct Investment Alongside Frontenac in EFC International and Inventory Sales Company Acquisition

Charlotte, NC, April 6, 2023  Churchill Asset Management (“Churchill”) announced a direct investment in support of Frontenac-backed EFC International (“EFC”, the “Company”) for their acquisition of Inventory Sales Company (“ISC”, the “Target”). Churchill participated in the mezzanine debt to finance the transaction.

EFC, based in St. Louis, MO, provides engineered fasteners and specialty components as well as engineering support, sales & marketing, and high-touch service to customers in automotive and industrial end-markets.

ISC, based in St. Louis, MO, is a distributor of class-C parts and accessories with a primary focus on fasteners and strut accessories. The Target has a wide selection of 43,000+ products, acting as an outsourced, scaled purchasing team for its 3,000+ customers.

“The ISC acquisition represents an opportunity for EFC to meaningfully expand and diversify its product portfolio and end market mix,” said Dave McManama, a Managing Director on Churchill’s Private Equity & Junior Capital team. “Churchill is excited to participate in this transaction and continue our longstanding partnership with Frontenac.”

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 $46 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 150 professionals in New York, Charlotte, Chicago, Dallas and Los Angeles. More information can be found at

About Frontenac

Frontenac is a Chicago-based private equity firm. The firm focuses on investing in lower middle market buyout transactions in the consumer, industrial, and services industries. Frontenac works in partnership with established operating leaders, through an executive-centric approach called CEO1ST, which seeks to identify, acquire, and build market-leading companies through transformational acquisitions and operational excellence. Over the last 50+ years, Frontenac has built a leading franchise working with over 300 owners of mid-sized businesses as they address complex transition issues of liquidity, management enhancement, and growth planning. For more information, please visit

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