Churchill provides $90 mln to back Morgan Stanley’s acquisition of Clarity


Churchill Asset Management LLC has provided $90 million in financing to back Morgan Stanley Capital Partners‘ acquisition of Clarity Software Solutions, a data and technology driven provider of communication solutions for healthcare payers. Churchill was the sole lead arranger on the financing.

PRESS RELEASE

New York, NY, February 11, 2019 – Churchill Asset Management LLC (“Churchill”) today announced that it served as Sole Lead Arranger for a $90 million unitranche financing facility to support the acquisition of Clarity Software Solutions (“Clarity”) by investment funds managed by Morgan Stanley Capital Partners.

Founded in 2007, Clarity is a data and technology driven provider of communication solutions for healthcare payers to interact with their members through a variety of delivery channels, including print, mobile and web. Clarity’s diverse client base includes a combination of nearly 100 health insurance payors, third party administrators and dental insurance companies.

“Clarity continues to successfully address a large pain-point in the healthcare market place, as payers across the industry are choosing to replace legacy vendors with the company’s cloud based and cutting edge member communications platform,” said Randy Schwimmer, Senior Managing Director and Head of Origination & Capital Markets at Churchill. “We are excited to partner with Morgan Stanley Capital Partners on this transaction and look forward to supporting the company as it continues on its impressive growth trajectory.”

The financing represents the fourth transaction that the Churchill platform has completed in support of Morgan Stanley Capital Partners. Morgan Stanley Capital Partners is the middle market private equity team within Morgan Stanley Investment Management focused on privately negotiated equity and equity-related investments in North American companies, spanning the business services, consumer, healthcare and industrials industries. The team has invested nearly $7 billion across approximately 100 portfolio companies since its 1985 inception.

“We selected Churchill to lead this financing because of the team’s ability to provide a streamlined unitranche solution tailored to our needs in an expedited time frame,” said Steve Rodgers, Managing Director of Morgan Stanley Capital Partners. “We look forward to continuing our partnership on this deal as well as future deals.”

About Churchill Asset Management
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 $6 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 Morgan Stanley Capital Partners
Morgan Stanley Capital Partners, the middle-market focused private equity business of Morgan Stanley Investment Management, is a leading middle-market private equity platform that has invested capital in a broad spectrum of industries for over two decades. Morgan Stanley Capital Partners focuses on privately negotiated equity and equity-related investments in North America and seeks to create value in portfolio companies primarily through operational improvement. For further information about Morgan Stanley Capital Partners, please visit www.morganstanley.com.

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