Churchill Asset Management (“Churchill” or the “Firm”) today announced that it served as Joint Lead Arranger and Administrative Agent for a senior secured credit facility to support the acquisition of Insulation Technology Group (“ITG” or the “Company”) by TJC, LP (“TJC”).
ITG is a leading global provider of electrical insulation solutions for the global utility market. The Company is a manufacturer of high and ultra-high voltage porcelain insulators for mission-critical applications within electrical substation, overhead transmission and distribution infrastructure. ITG was formed in 2021 through the combination of two market-leading brands (LAPP Insulators and PPC Insulators), which have longstanding operating histories of over 100 years. The Company has over 1,200 employees across manufacturing facilities in the U.S., Europe and Brazil.
"Already a global leader, ITG’s recent strategic transformations have positioned the Company for continued growth and increased market share, particularly as individuals seek sustainable solutions amidst aging infrastructure and growing power demand," said Kevin Meyer, Managing Director and Head of Origination at Churchill. "TJC’s hands-on operating strategy will enable ITG to capitalize on the market’s favorable industry tailwinds and usher the Company into its next phase of growth.”
This financing marks the 25th transaction across Churchill's platform completed in support of TJC, a New York-based middle market private equity firm with approximately $29.7 billion of assets under management and a robust 42-year track record.
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 more than 175 professionals in New York, Charlotte, Chicago, Dallas and Los Angeles. To learn more about Churchill, visit https://www.churchillam.com.
About TJC
TJC LP, formerly known as The Jordan Company, has worked for more than 40 years with CEOs, founders and entrepreneurs across a range of industries including consumer & Healthcare, Diversified Industrials, Industrial Technology, Logistics & Supply Chain and Technology & Infrastructure. With $29.7 billion of assets under management as of March 31, 2024, TJC is managed by a senior leadership team that has invested together for over 22 years on over 80 investments. TJC has offices in New York, Chicago, Miami and Stamford. For more information, visit www.tjclp.com.
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
