- Cornell has about $6 billion of assets under management
- Cornell was founded in 2013 by Henry Cornell, the former vice chair of Goldman Sachs’ merchant banking division
- Churchill has $37 billion of committed capital
Churchill Asset Management is backing Cornell Capital Partners’s buyout of Jacksonville, Florida-based Advancing Eyecare, a provider and distributor of ophthalmic products. No financial terms were disclosed.
“AEC has a diversified portfolio of ophthalmic products, market leading distribution position, and the potential to build a global presence through serial M&A,” Dodson Worthington, a principal on Churchill’s private equity and junior capital team, said in a statement. “We are excited to partner with the Cornell team as they have extensive experience in eyecare, healthcare services, and distribution.”
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, Churchill provides first lien, unitranche, second lien and mezzanine debt, in addition to equity co-investments and private equity fund commitments.
Cornell has about $6 billion of assets under management and offices in New York and Hong Kong. Cornell was founded in 2013 by Senior Partner Henry Cornell, the former vice chairman of Goldman Sachs’ merchant banking division.