Churchill backs Arcadia’s acquisition of Naturelo

Churchill Asset Management provided a loan to back Arcadia Consumer Healthcare Inc's acquisition of Naturelo, a Seattle-based provider of natural vitamins, minerals, and supplements.

Churchill Asset Management provided a loan to back Arcadia Consumer Healthcare Inc’s acquisition of Naturelo, a Seattle-based provider of natural vitamins, minerals, and supplements. No financial terms were disclosed. Churchill was administrative agent and sole lender on the incremental term loan. Arcadia is a portfolio company of Avista Capital Partners.

PRESS RELEASE

New York, NY, October 15, 2020 – Churchill Asset Management (“Churchill”) today announced that it served as Administrative Agent and Sole Lender of an incremental term loan to support the acquisition of NATURELO® (“NATURELO® or the “Company”) by Arcadia Consumer Healthcare, Inc. (“Arcadia”), a portfolio company of Avista Capital Partners (“Avista”). This transaction marks the third add-on acquisition that Churchill has helped finance for Arcadia since 2018.

Founded in 2016 and headquartered in Seattle, WA, NATURELO® is a leading producer and marketer of high-quality, natural vitamins, minerals, and supplements that support total-body health with clean, simple ingredients. With customers in 93 countries and a strong online presence across leading digital marketplaces, the Company has seen significant growth over the past several years, benefitting from a growing demographic of customers who are focused on naturally sourced products and transparency of ingredients in the products they consume. Arcadia, formerly known as Kramer Laboratories, is a recognized leader in the consumer healthcare market for over-the-counter medicines. As a part Arcadia’s business, NATURELO® will retain their branding and go-to market strategy.

“As demonstrated by its strong growth, NATURELO® is well positioned as a leader in the competitive vitamin, minerals, and supplements industry,” said Randy Schwimmer, Senior Managing Director and Head of Origination & Capital Markets at Churchill. “We are excited to partner with Avista on this transaction, who has the requisite expertise and insight in the healthcare industry to help propel Arcadia and NATURELO® to the next stage of growth.”

Avista Capital Partners is a leading New York-based private equity firm with over $6 billion invested in over 35 growth-oriented healthcare businesses globally.

“Consistent with our previous experiences, Churchill served as a knowledgeable and reliable partner with industry expertise, flexible financing solutions, and swift execution,” said Rob Girardi, Partner at Avista Capital Partners. “We look forward to future partnerships 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 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 Avista Capital Partners
Founded in 2005, Avista Capital is a leading New York-based private equity firm with over $6 billion invested in more than 35 growth-oriented healthcare businesses globally. Avista partners with businesses that feature strong management teams, stable cash flows and robust growth prospects – investing in the medical devices and technologies, pharmaceuticals, outsourced pharmaceutical services, distribution and consumer-driven healthcare sectors. Avista’s Operating Executives and Advisors are an integral part of the team, providing strategic insight, operational oversight and senior counsel, which helps drive growth and performance, while fostering sustainable businesses and creating long-term value for all stakeholders. For more information, visit www.avistacap.com.