Churchill Serves as Joint Lead Arranger and Administrative Agent for a Senior Secured Credit Facility to Support TJC’s Acquisition of Insulation Technology Group
29 Julio 2024 - 8:40AM
Business Wire
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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Madison Hanlon pro-churchill@prosek.com