Churchill’s Private Equity & Junior Capital team completes direct investment alongside Morgan Stanley Capital Partners in Sila Heating & Air Conditioning

Charlotte, NC, June 3, 2021 – Churchill Asset Management (“Churchill”) today announced a direct investment in support of Morgan Stanley Capital Partners (“MSCP”) in their acquisition of Sila Heating & Air Conditioning (“Sila”). Headquartered in King of Prussia, PA, Sila is a provider of residential HVAC, plumbing, and electrical services in the Mid-Atlantic and Northeast US. Sila is a scaled platform with over 200 technicians and a diverse customer base that is entirely residential, and the majority of services provided by Sila are focused on system replacement, Sila operates under six established brands: Sila, Astar, Auchinachie and Jones Services, John S. Parker, and NETR.

“Sila’s core market, heating and air conditioning, as well as its home service adjacencies, plumbing and electrical, are large markets that have demonstrated stability through numerous economic cycles,” said David McManama, a Principal on Churchill’s private equity & junior capital team. “We are excited to partner with MSCP as they are very familiar with the HVAC services space, which we believe is ripe for consolidating growth.”

This represents the fifth transaction Churchill’s private equity & junior capital team has completed in support of 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 $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 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, education 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.

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Churchill Asset Management
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The material is for informational purposes only and should not be regarded as a recommendation or an offer to buy or sell any product or service to which this information may relate. Certain products and services may not be available to all entities or persons. Past performance does not guarantee future results. Please note investments in middle market loans are subject to various risk factors, including credit risk, liquidity risk and interest rate risk. Churchill Asset Management LLC is a majority-owned subsidiary and member of the TIAA group of companies.