Charlotte, NC, November 8, 2021 – Churchill Asset Management (“Churchill”) today announced a direct investment in support of Wellspring Capital Management (“Wellspring”) in their acquisition of Caring Brands International (“Caring Brands” or the “Company”). One of the largest global home health franchisors, Caring Brands provides the full continuum of home-based care across personal care, skilled home health, hospice and healthcare staffing. Founded in 1965 and with over 300 employees across its three brands, the Company operates in the U.S., U.K., Ireland and Australia with over 600 locations and 500,000 patients served.
“We are excited to partner with Wellspring to help Caring Brands drive their next phase of growth,” said Dodson Worthington, a Principal on Churchill’s Private Equity & Junior Capital team. “Caring Brands has a proven track record of success across multiple reimbursement and market cycles and is well positioned to capitalize on the current market opportunity.”
This represents the fourth transaction Churchill’s Private Equity & Junior Capital team has completed in support of Wellspring Capital Management, a private equity firm that invests in businesses with highly qualified and motivated senior management teams.
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 $33 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 100 professionals in New York, Charlotte and Chicago. More information can be found at www.churchillam.com.
About Wellspring Capital Management
Wellspring Capital Management is a leading private equity firm headquartered in New York. Since its founding in 1995, Wellspring has raised over $4.5 billion of initial capital commitments through six private equity funds. In total, Wellspring’s current portfolio companies employ nearly 60,000 people around the world and generated aggregate revenues in excess of approximately $4.5 billion in the last 12 months.¹ Over the past 25 years, Wellspring has invested in over 45 platform investments across various segments of the U.S. and global economies. Wellspring’s objective is to bring partnership, experience and value creation to each investment. By teaming up with strong management, Wellspring seeks to unlock underlying value and pursue new growth opportunities through strategic initiatives, operating improvements and add-on acquisitions. The firm functions as a strategic partner, providing management teams with top-line support, M&A experience, financial expertise and access to resources. For additional information, please visit www.wellspringcapital.com.
Note 1: As of 12/31/2020
# # #
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.