Churchill supports Gridiron Capital’s buyout of Erie

Churchill Asset Management has provided financing to back Gridiron Capital's acquisition of Erie, a Toledo, Ohio-based Erie, a provider of metal and fiberglass roofing solutions.

Churchill Asset Management has provided financing to back Gridiron Capital’s acquisition of Erie, a Toledo, Ohio-based Erie, a provider of metal and fiberglass roofing solutions. No financial terms were disclosed. Churchill was the lead arranger and administrative on the financing.

PRESS RELEASE

New York, NY, August 5, 2021 – Churchill Asset Management (“Churchill”) today announced that it served as Lead Arranger and Administrative Agent in support of Gridiron Capital LLC’s (“Gridiron Capital”) acquisition of Erie (the “Company”).

Founded in 1982 and headquartered in Toledo, Ohio, Erie is one of the largest direct to consumer marketers, sellers, and installers of metal and fiberglass roofing solutions for existing homes in the United States. With over three decades of experience, along with local service representatives, Erie is a nationally recognized industry leader. Since 1982, the Company has manufactured, supplied and installed quality home remodeling products, and its lifetime warranties and convenient financing ensure that customers receive the best value for their investment. Additional information can be found at www.erieconstruction.com.

“Erie is one of the largest players in a highly fragmented market, having achieved organic growth in both existing and new markets across the United States,” said Randy Schwimmer, Senior Managing Director and Co-Head of Senior Lending at Churchill. “We see great potential for further growth and are excited to support the Company as they partner with Gridiron Capital’s skilled management team.”

The financing of Erie marks the fourth transaction which Churchill’s senior lending team has completed in support of Gridiron Capital, a New Canaan, Connecticut-based firm that focuses on control investments in the middle market.

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 $31 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.

About Gridiron Capital, LLC
Gridiron Capital is an investment firm focused on partnering with founders, entrepreneurs, and management teams, and creating value by building middle-market companies into industry-leaders in branded consumer, B2B and B2C services, and niche industrial segments in the United States and Canada. We help transform growing companies by winning together through hard work, partnerships grounded in shared values and a unique culture that comes from hands-on experience building and running businesses. As a team led by former operators and entrepreneurs, we know what it takes to run successful businesses on a day-to-day basis. Additional information is available on the firm’s website: www.gridironcapital.com.