Churchill Asset Management (“Churchill” or the “Firm”) today announced that it served as Sole Lead Arranger for a first lien credit facility to support the acquisition of Handgards (the “Company”) by Wynnchurch Capital, L.P. (“Wynnchurch").
Headquartered in El Paso, Texas, Handgards is a leading distributor of foodservice products, including disposable gloves, reclosable bags, tabletop items, expendables, and other carryout products. The Company operates eight facilities with over one million square feet of space and ships over 18 million cases of product annually.
“Handgards has been an existing portfolio company of Churchill’s since 2020, and the Company continues to be a market leader with significant room for future growth,” said Kevin Meyer, Managing Director and Head of Origination at Churchill. “We are thrilled to continue supporting Handgards and its experienced management team as it enters this next chapter with Wynnchurch.”
The financing represents the second transaction that Churchill has completed in support of Rosemont, IL-based Wynnchurch Capital, a leading private equity firm with $9.2B of regulatory assets under management. Since its founding in 1999, Wynnchurch Capital has completed over 135 platform and add-on acquisitions.
“Churchill served as a terrific partner throughout the Handgards transaction process,” said Mike MacKay, Principal at Wynnchurch. “Churchill’s deep knowledge of the Company as an incumbent lender, coupled with its balance sheet strength in committing to the full senior loan facility proved invaluable in allowing for a swift and timely execution. We look forward to our continued collaboration and partnership with Churchill.”
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 $50 billion of committed capital, we provide first lien, unitranche, second lien and mezzanine debt, in addition to equity co-investments, secondary solutions and private equity fund commitments. Churchill has a long history of disciplined investing across multiple economic cycles and our unique origination strategy, execution and investment are driven by 170 professionals in New York, Charlotte, Chicago, Dallas and Los Angeles. To learn more about Churchill, visit https://www.churchillam.com.
About Wynnchurch Capital
Wynnchurch Capital, L.P., headquartered in the Chicago suburb of Rosemont, Illinois, with an affiliate in Canada, was founded in 1999 and is a leading middle-market private equity investment firm. Wynnchurch’s strategy is to partner with middle market companies in the United States and Canada that possess the potential for substantial growth and profit improvement. Wynnchurch manages a number of private equity funds with $9.2 billion of regulatory assets under management and specializes in recapitalizations, growth capital, management buyouts, corporate carve-outs, and restructurings. For more information, please visit: https://www.wynnchurch.com or follow us on LinkedIn.
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 Advisors 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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Contacts
Madison Hanlon
pro-churchill@prosek.com
