Churchill backs One Equity’s PGW acquisition

Churchill Asset Management has provided a $230 million credit facility to back One Equity Partners’ buyout of PGW. Based in Pittsburgh, PGW is an aftermarket glass distributor.

PRESS RELEASE

New York, NY, April 21, 2022 – Churchill Asset Management (“Churchill”) today announced that it served as Lead Left Arranger and Administrative Agent for a $230 million senior secured credit facility in support of One Equity Partners’ (“One Equity”) acquisition of PGW Auto Glass (“PGW” or the “Company”).

Headquartered in Pittsburgh, PA, PGW is the largest aftermarket automotive glass distributor in North America, operating over 100 branches across the U.S. and Canada. The Company’s extensive distribution network and logistical capabilities allow it to offer same or next day delivery to over 90% of the U.S. population and maintain approximately 9,000 retail auto glass customer relationships.

“PGW has grown to become the largest glass distributor in North America by utilizing its hub and spoke business model to maximize efficiency and build its name in the industry,” said Randy Schwimmer, Senior Managing Director and Co-Head of Senior Lending at Churchill. “We are pleased to support the incredibly capable team at One Equity Partners as they partner with management to continue to impress and expand PGW’s mark on the North American auto glass market.”

The financing of PGW marks the fourth transaction which Churchill’s senior lending team has completed in support of One Equity Partners. With approximately $10 billion in assets under management, One Equity Partners is a New York-based middle market private equity firm focused on transformative combinations within the industrial, healthcare and technology sectors.

“Having previously completed several transactions with Churchill, we knew we could rely on the team’s professionalism, expertise and swift execution as we pursued this acquisition, and the firm’s ability to provide a sizable and fully underwritten financing solution was instrumental to the transaction,” said Steve Lunau, Managing Director at One Equity Partners. “We look forward to working with Churchill and the skilled management team at PGW to help the Company advance into its next stage of growth.”

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 $37 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.