New York, NY, June 2, 2021 – Churchill Asset Management (“Churchill”) today announced that it served as Lead Arranger and Administrative Agent for a senior secured credit facility in support of Grant Avenue Capital, LLC’s (“Grant Avenue Capital”) acquisition of QHR Health (the “Company”). First Eagle Alternative Credit, LLC served as a Joint Lead Arranger.
Founded in 1977 and based in Brentwood, TN, QHR Health is a leading shared solutions provider for independent hospitals and health systems nationwide. The Company provides a broad base of solutions, including management advisory services, revenue cycle management, supply chain optimization, outsourced IT services and strategic consulting. QHR Health collaborates with clients to ensure that people in communities ranging from small rural towns to larger population centers have local access to quality healthcare services. Additional information about QHR Health is available at www.qhr.com.
“QHR Health leads with an established position in the independent community hospital space, benefiting from an experienced management team, diverse customer base and strong market demand,” said Randy Schwimmer, Senior Managing Director and Co-Head of Senior Lending at Churchill. “We are excited to support QHR Health as the Company continues to create value for its tenured clients while partnering with the team at Grant Avenue Capital.”
The financing of QHR Health marks the first transaction which Churchill’s senior lending team has completed in support of Grant Avenue Capital, a healthcare-focused private equity firm based in New York, NY.
“We are very pleased with the Churchill team’s experience, leadership and swift execution on this transaction,” said Buddy Gumina, founder and managing partner of Grant Avenue Capital. “Churchill has been an excellent partner and we look forward to building this relationship, both in this transaction with QHR and on future opportunities.”
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 $30 billion of committed capital, we provide first lien, unitranche, second lien and mezzanine debt, in addition to equity co-investments and private equity fund commitments. Churchill has a long history of disciplined investing across multiple economic cycles and our unique origination strategy, best in class execution and investment are driven by more than 100 professionals in New York, Charlotte and Chicago. More information can be found at www.churchillam.com.
About Grant Avenue Capital, LLC
Grant Avenue Capital is a healthcare-focused, middle-market private equity firm targeting investments alongside forward-thinking management teams that seek an experienced and innovative investor with highly flexible capital, both in terms of duration and structure. While a typical investment will involve companies generating approximately $5 million to $25 million of EBITDA, Grant Avenue Capital has significant support to complete larger transactions through strategic co-invest relationships. The firm focuses on control buyouts, buy-and-builds, corporate carve-outs, joint-control partnership investments, and special situations. More information can be found at www.grantave.com.
In addition, the Grant Avenue Foundation supports employees and portfolio companies of Grant Avenue Capital that are actively engaged with healthcare-oriented charitable organizations.
About QHR Health
QHR Health is the industry’s leading health solutions provider serving independent, critical access and rural hospitals and health systems across the U.S. For more than 40 years, QHR Health has collaborated with clients to ensure that people in communities ranging from small rural towns to larger population centers, have local access to quality healthcare services.
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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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