Charlotte, NC January 13, 2025 – Churchill Asset Management LLC (“Churchill”), an investment-specialist of Nuveen that provides customized financing solutions to U.S. middle market-focused private equity sponsors and their portfolio companies, announced a second lien debt and minority equity investment to support Tenex Capital Management (“Tenex” or the “Sponsor”) in the strategic merger of Rose Paving (“Rose”) with Atlantic Southern Paving (“ASP”).
Rose has been a portfolio company of Tenex since November 2022, and the merger with ASP will form one of the largest self-performing paving companies in the United States. The combination of two market leaders with strong brand recognition, robust financial profiles, and complementary geographic footprints creates significant synergy potential and positions the combined Company to deliver nationwide coverage through their self-perform and vendor managed capabilities.
“This strategic acquisition is backed by a Sponsor with significant experience in the diversified industrials space,” said Dodson Worthington, Managing Director on Churchill’s Private Equity & Junior Capital team. “We are excited to support this transaction, which we believe will create a company with the potential to be a national industry leader with an unparalleled commitment to customer service and quality work.”
Tenex is a New York-based private equity firm that invests in middle market companies, utilizing their deep operating experience in an effort to maximize long-term value creation. The firm is currently investing out of its $1.9B Fund IV.*
“Churchill was an exceptional partner throughout the transaction process,” said Gabe Wood, Managing Director at Tenex Capital Management. “Their ability to provide flexible capital at scale was instrumental to the success of this transaction. We look forward to continuing our valuable relationship with the Churchill team.”
About Churchill Asset Management LLC
Churchill, an investment-specialist affiliate of Nuveen (the asset manager of TIAA), provides customized financing solutions to U.S. middle market private equity firms and their portfolio companies across the capital structure. With over $52 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 and investment approach are driven by nearly 200 professionals in New York, Charlotte, Chicago, Dallas and Los Angeles. Together with our sister company Arcmont Asset Management, we comprise Nuveen Private Capital, a $78 billion private capital platform and one of the largest private debt managers globally. To learn more, visit www.churchillam.com.
About Tenex Capital Management
Tenex Capital Management is a private equity firm that invests in middle market companies. Tenex uses an in-house team of hybrid investment professionals skilled in operational leadership, investing, and capital markets structuring to maximize long-term value creation. Tenex’s deep operating experience allows the firm to collaborate with management teams to capitalize on business and market opportunities. Tenex has successfully invested in a diverse range of industries, including industrials, business and tech-enabled services, healthcare, building products, and auto aftermarket, among others. For additional information, please visit www.tenexcm.com.
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Churchill Asset Management LLC, a registered investment advisor, is a majority-owned, indirect subsidiaries of Teachers Insurance and Annuity Association of America and an affiliate of Nuveen, LLC. Certain products are 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.
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 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.
The testimonial was provided from Gabe Wood at Tenex Capital Management, a client of Churchill Asset Management, and no direct or indirect compensation was given. No material conflicts of interest exist. Your experience may be different and there is no guarantee of future performance or success.
*Closed to new investors
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