Charlotte, NC, October 7, 2020 – Churchill Asset Management (“Churchill” or the “Firm”) today announced the closing of an investment in Apex Analytix LLC (“Apex” or the “Company”), a portfolio investment of Carousel Capital. Churchill provided a combination of subordinated debt and equity to support Apex with its continued growth opportunities.
Headquartered in Greensboro, NC, Apex offers a full suite of technology and services-based solutions to an extensive roster of Fortune 1000 companies. Apex helps its clients detect and recover payment errors, conduct vendor fraud risk managements, eliminate duplicate payments or overpayments, improve supplier management and discount realization and strengthen overall procure-to-pay controls.
“Apex is an ideal investment opportunity given today’s unprecedented environment,” said Jason Strife, Senior Managing Director and Head of Private Equity & Junior Capital at Churchill. “The Company has a reputation and durable market position as one of the top audit recovery service platforms, a proven ability to drive consistent organic growth, and a data-driven value proposition to its customer-base. We are excited to once again partner with Carousel Capital to support Apex Analytix.”
The financing represents the fourth transaction Churchill’s private equity & junior capital team has completed in support of Carousel Capital, a Charlotte, NC-based lower middle-market private equity firm with capital commitments in excess of $1.3 billion and a strong 24-year track record.
“We appreciate the support of Churchill and all of our financing partners to get the Apex transaction closed. We look forward to working towards another successful partnership with the Churchill team,” said Peter Clark, Partner at Carousel.
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, we provide 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 Carousel Capital
Carousel Capital is a private equity investment firm that invests in companies located in the Southeastern United States and has received commitments of more than $1.3 billion in capital across its funds. Carousel’s investor base includes institutional investors and an elite group of more than 100 current and former CEOs across the region. Since its inception, Carousel has invested in 45 companies primarily in three service sectors: business, consumer and healthcare. For more information about Carousel Capital, visit www.carouselcapital.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.
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