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Churchill backs Sentinel’s buyout of SSJA

Churchill Asset Management has provided an $80 million credit facility to support Sentinel Capital Partners‘ acquisition of SSJA Bariatric Management LLC. SSJA is a provider of administrative support services to bariatric surgery offices in New York, New Jersey and Connecticut.

PRESS RELEASE

New York, NY, September 19, 2019 – Churchill Asset Management (“Churchill”) today announced that it served as Administrative Agent and Sole Lead Arranger for an $80 million senior secured credit facility to support the acquisition of SSJA Bariatric Management, LLC (“SSJA” or the “Company”) by Sentinel Capital Partners.

SSJA is the leading provider of administrative support services to bariatric surgery offices in the U.S. SSJA provides services to 15 bariatric surgery offices in New York, New Jersey, and Connecticut that collectively operate as the New York Bariatric Group (“NYBG”).

“With a renowned clinical reputation of leading bariatric surgeons, NYBG is a differentiated practice offering unmatched care for its patients and a comprehensive suite of weight-loss solutions,” said Randy Schwimmer, Senior Managing Director and Head of Origination & Capital Markets. “Sentinel Capital Partners is a longstanding partner of the Churchill platform, and we’re thrilled to support their acquisition of SSJA and the Company’s best-in-class team as they pursue new avenues of growth.”

The financing represents the sixth transaction that the Churchill platform has completed in support of Sentinel Capital Partners and the third in the last 12 months. Founded in 1995, Sentinel Capital Partners is one of the nation’s leading private equity firms focused on lower middle market companies in the U.S. and Canada.

“Churchill’s ability to provide large, flexible balance sheet solutions, combined with their deep understanding of the industry and our execution strategy, made them an excellent financing partner on this transaction,” said Paul Murphy, a partner at Sentinel Capital Partners, adding “We look forward to working with them again in the future.”

About Churchill Asset Management LLC
Based in New York, Churchill Asset Management LLC, a majority-owned affiliate of Nuveen (the asset management division of TIAA) 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 $6.8 billion of committed capital under management and has broad experience in all aspects of the middle market financing business, including origination, structuring, credit analysis, syndication, and deal monitoring and oversight. More information can be found at www.churchillam.com.

About Sentinel Capital Partners
Sentinel specializes in buying and building businesses in the lower midmarket in the United States and Canada in partnership with management. Sentinel targets aerospace and defense, business services, consumer, distribution, food and restaurants, franchising, healthcare, and industrial businesses. Sentinel invests in management buyouts, recapitalizations, corporate divestitures, and going-private transactions of established businesses with EBITDA of up to $65 million. Sentinel also invests in special situations, including balance sheet restructurings and operational turnarounds. For more information about Sentinel, visit www.sentinelpartners.com.