Churchill Asset Management has provided a $200 million credit facility to support the refinancing of Arotech and its acquisitions of UST-Aldetec and SRI. Based in Ann Arbor, Michigan, Arotech is a defense and security company. It is backed by Greenbriar Equity Group.
New York, NY, October 22, 2020 – Churchill Asset Management (“Churchill”) today announced that it served as Administrative Agent & Lead Arranger for a $200 million senior secured credit facility to support the refinancing and two add-on acquisitions for Arotech Corporation (“Arotech” or the “Company”), a portfolio company of Greenbriar Equity Group, L.P. (“Greenbriar”).
Founded in 1990 and headquartered in Ann Arbor, MI, Arotech is a defense and security company engaged in three business areas: training & simulation, electronics manufacturing and energy solutions. Serving the military, law enforcement and homeland security markets, Arotech provides training and simulation solutions, electronics manufacturing, distributed power systems and high-performance batteries and chargers. Under Greenbriar’s ownership, Arotech completed an acquisition of Inter-Coastal Electronics, Inc. earlier this year, and in connection with this transaction, has acquired UST-Aldetec and SRI, further expanding the Company’s capabilities and product offerings.
“We are very excited to once again be partnering with Greenbriar, this time to support the future growth of Arotech,” said Randy Schwimmer, Senior Managing Director and Head of Origination & Capital Markets, Senior Lending at Churchill. “With a skilled management team and demonstrated history of innovation and superior product development, Arotech is well positioned to take advantage of a wealth of market opportunities currently facing the company under the Greenbriar team’s strategic direction.”
Arotech marks the second transaction which Churchill’s senior lending team has completed in support of a Greenbriar portfolio company. A New York-based private equity firm, Greenbriar focuses exclusively on sectors where it can bring deep domain expertise, decades of experience, an extensive network of industry relationships and significant operating resources to each investment. Since its founding in 1999, Greenbriar has raised over $4.0 billion of committed capital across four funds, acquiring 35 platform companies and 80+ add-on acquisitions to date.
“After working with the Churchill team for the first time recently on another transaction, we were impressed with the team’s flexibility and swift execution” said Noah Blitzer, Director at Greenbriar. “We are very pleased with the team’s value-added support and industry-expertise on this transaction as well and look forward to further building the relationship.”
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 $24 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 80 professionals in New York, Charlotte and Chicago. More information can be found at www.churchillam.com.
About Greenbriar Equity Group
Founded in 1999, Greenbriar Equity Group is a private equity firm with over $4 billion of committed capital focused on investments in market-leading services and manufacturing businesses in partnership with proven management teams. Greenbriar looks to identify companies capitalizing on strong long-term growth prospects that can benefit from Greenbriar’s industry knowledge, operating capabilities, network of senior executive relationships, strategic insight and access to capital. Greenbriar focuses on investments in both business services and advanced manufacturing across the logistics, distribution, aerospace and defense, specialty industrial, transportation and related sub-sectors. Additional information may be found at www.greenbriarequity.com.