Churchill Asset Management has provided a $67 million credit facility to back GenNx360 Capital Partners‘ recapitalization of Franklin Park, Illinois-based Midwest Can, a maker of polyethylene portable fuel containers. No financial terms were disclosed.
New York, August 1, 2018 – Churchill Asset Management (“Churchill”) today announced that it served as Lead Arranger and Sole Bookrunner for a $67 million first lien credit facility to support the recapitalization of Midwest Can Company & Container Specialties Inc. (“Midwest Can”) by GenNx360 Capital Partners (“GenNx360”).
Based in Franklin Park, IL, Midwest Can is a leading manufacturer of high-density polyethylene (“HDPE”) portable fuel containers. Founded in 1951, the company designs and manufacturers fuel containers, water containers, funnels and drain pans for a diverse customer base consisting of automotive, hardware and home improvement retailers.
“MidWest Can’s management team has deep industry experience and a proven track record of growing organically through new product innovation,” said Randy Schwimmer, Senior Managing Director and Head of Origination & Capital Markets at Churchill. “We look forward to supporting GenNx360 and MidWest Can as together they continue to grow and expand the company.”
The financing represents the second transaction that the Churchill platform has completed in support of GenNx360 Capital Partners, a leading New York, NY-based private equity firm that has managed over $1.1 billion in original capital commitments in the industrial and business services industries.
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 $4.4 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 GenNx360 Capital Partners
GenNx360 Capital Partners is a private equity firm focused on acquiring middle market business services and industrial companies. GenNx360 invests in companies with proven and sustainable business models in expanding industries with the objective of implementing the required operating changes to deliver cost efficiencies, accelerate growth, and generate strong financial returns. Target industries include industrial machinery and components, logistics and supply chain solutions, industrial and environmental services, food and agricultural products and services, infrastructure equipment and services, specialty chemicals, packaging, and aerospace and defense. GenNx360 was founded in 2006 and is headquartered in New York City. For more information on GenNx360 Capital Partners, please visit (http://www.gennx360.com)