Charlotte, NC, December 8, 2020 – Churchill Asset Management (“Churchill” or the “Firm”) today announced a direct investment in FullSpeed Automotive (“FullSpeed” or the “Company”) in support of MidOcean Partners’ (“MidOcean”) acquisition of the Company. FullSpeed is a leading automotive aftermarket service platform offering quick lube, maintenance and repair services through multiple, nationally recognized brands. Headquartered in Denver, CO, the Company’s national presence operates predominantly under three well-recognized brand names; Grease Monkey, SpeeDee and Havoline Xpress Lube.
“FullSpeed represents a compelling opportunity that aligns with MidOcean Partners’ tried and true value-creation playbook,” said Anne Philpott, Principal on the private equity & junior capital team at Churchill. “We are excited to once again partner with MidOcean on an opportunity in a highly fragmented market with significant high growth potential.”
This represents the second transaction Churchill’s private equity & junior capital team has completed in support of MidOcean Partners, a NY-based alternative asset manager that specializes in middle market private equity and alternative credit investments.
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 MidOcean Partners
MidOcean Partners is a premier New York-based alternative asset manager that specializes in middle market private equity and alternative credit investments. Since its inception in 2003, MidOcean Private Equity has managed approximately $4.8 billion of committed capital and has targeted investments in high-quality middle market companies in the consumer and business services sectors. MidOcean Credit Partners was launched in 2009 and currently manages over $7.5 billion. More information can be found at www.midoceanpartners.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.