New York, NY, October 4, 2019 – Churchill Asset Management (“Churchill”) today announced that it served as Joint Lead Arranger for a senior secured credit facility to support the recapitalization of New Era Technology (“New Era” or the “Company”) by Sentinel Capital Partners. Founded in 2013 and headquartered in West Chester, PA, New Era is a leading provider of a comprehensive suite of managed services and systems integration capabilities for a wide range of IT solutions, including collaboration, data networking, and security.
“A premier global IT solutions provider, New Era’s highly successful acquisition strategy has been accompanied by strong organic growth, and we believe the platform is poised for significant future expansion,” said Randy Schwimmer, Senior Managing Director and Head of Origination & Capital Markets. “We are excited to partner with our longstanding partner, Sentinel Capital Partners, and New Era’s terrific management team on this investment.”
The financing represents the seventh transaction that the Churchill platform has completed in support of Sentinel Capital Partners and the fourth in the last 12 months. Founded in 1995, Sentinel Capital Partners is one of the nation’s leading private equity firms focused on lower middle market companies in the U.S. and Canada.
About Churchill Asset Management LLC
Based in New York, Churchill Asset Management LLC, a majority-owned affiliate of Nuveen (the asset manager of TIAA) 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 $6.8 billion of committed capital under management and has broad experience in all aspects of the middle market financing business, including origination, structuring, credit analysis, syndication, and deal monitoring and oversight. More information can be found at www.churchillam.com.
About Sentinel Capital Partners
Sentinel specializes in buying and building businesses in the lower midmarket in the United States and Canada in partnership with management. Sentinel targets aerospace and defense, business services, consumer, distribution, food and restaurants, franchising, healthcare, and industrial businesses. Sentinel invests in management buyouts, recapitalizations, corporate divestitures, and going-private transactions of established businesses with EBITDA of up to $65 million. Sentinel also invests in special situations, including balance sheet restructurings and operational turnarounds. For more information about Sentinel, visit www.sentinelpartners.com.
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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.
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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