Charlotte, NC, June 10, 2021 – Churchill Asset Management (“Churchill”) today announced a direct investment in Nivel Parts & Manufacturing (“Nivel” or the “Company”) in support of Morgan Stanley Capital Partners (“MSCP”). Nivel is a leading aftermarket parts distributor serving the personal transportation vehicle (“PTV”), utility terrain vehicle (“UTV”) and heavy-duty (“HD”) segments. The Company provides 100k+ SKUs to thousands of customers through both B2B and DTC channels with limited concentration. Distributing through a national footprint, Nivel services customers through 15 facilities across the country, strategically located to reach 85% of the population in less than two days.
“Nivel is a prominent name in the growing PTV, UTV and HD aftermarket parts markets. Favorable macro tailwinds led by trends such as growing interest in outdoor activities, PTV friendly communities and increased accessorizing support our investment,” said Anne Philpott, Principal on Churchill’s Private Equity & Junior Capital team. “Outdoor and enthusiast brands have been a subsector focus for MSCP for several years due to long-term, secular growth trends and we look forward to yet another partnership with their team.”
Churchill’s Private Equity & Junior Capital team has completed four direct investments with Morgan Stanley Capital Partners, a middle market private equity platform that has invested capital in a broad spectrum of industries for over two decades.
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 over $29 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 Morgan Stanley Capital Partners
Morgan Stanley Capital Partners, part of Morgan Stanley Investment Management, is a leading middle-market private equity platform that has invested capital in a broad spectrum of industries for over three decades. Morgan Stanley Capital Partners focuses on privately negotiated equity and equity-related investments primarily in North America and seeks to create value in portfolio companies primarily in a series of subsectors in the business services, consumer, healthcare and industrials markets with an emphasis on driving significant organic and acquisition growth through an operationally focused approach. For further information about Morgan Stanley Capital Partners, please visit www.morganstanley.com/im/capitalpartners.
# # #
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.