New York, September 20, 2018 – Churchill Asset Management (“Churchill”) today announced that it served as Lead Arranger for a $87.5 million first lien credit facility to support the formation of TruRoad Holdings, Inc. (“TruRoad”) by CenterOak Partners (“CenterOak”), through its investment in JN Phillips Auto Glass and Techna Glass, Inc.
Based in Woburn, MA, TruRoad is the second largest automotive glass and claims management company in the US. The company operates in two primary segments – auto glass and recalibration and insurance claim services. TruRoad offers a differentiated experience for car owners, insurance firms and commercial fleets with a “schedule easily, service locally” business philosophy.
“As a combination of long-standing family run companies, in particular JN Phillips Auto Glass and Techna Glass, Inc., TruRoad is well positioned to benefit from CenterOak’s investment expertise, deep success with family-owned businesses and history of driving growth both organically and through add-on acquisitions,” said Randy Schwimmer, Senior Managing Director and Head of Origination & Capital Markets at Churchill. “We look forward to supporting CenterOak and TruRoad as they continue to expand the TruRoad product offering and enter new markets with best-in-class customer service.”
The financing is the first transaction that the Churchill platform has completed in support of CenterOak Partners, a leading Dallas, Texas-based private equity firm focused on making control-oriented investments in middle market companies in the industrial growth, consumer, and business services industries.
About Churchill Asset Management LLC
Based in New York, Churchill Asset Management LLC is a leading provider of senior and unitranche debt financing for middle market companies, particularly those backed by top-tier private equity sponsors. Churchill has $5.3 billion of committed capital under management and has broad experience in all aspects of the middle market financing business, including structuring, credit analysis, syndication, and deal monitoring and oversight. More information can be found at www.churchillam.com.
About CenterOak Partners LLC
CenterOak Partners LLC is a private equity firm focused on making control-oriented investments in middle market companies organized or operating in the United States. The Firm specializes in three key industry sectors: Industrial Growth, Consumer, and Business Services. Based in Dallas, Texas, the investment and portfolio management team has a strong historical track record creating significant value through operational improvement. CenterOak’s senior leaders and their predecessor funds have managed over $1.8 billion of equity capital commitments and have completed over 100 acquisitions, representing more than $3.3 billion in transaction value. For additional information, please visit www.centeroakpartners.com.
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This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, 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.
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.
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