Churchill Asset Management and SMBC have provided a $105 million credit facility to back Investcorp’s buyout of Fortune International LLC. Headquartered in Bensenville, Illinois, Fortune is a regional seafood and gourmet food distribution platform.
New York, NY, January 29, 2020 – Churchill Asset Management (“Churchill”) and SMBC today announced that they served as Joint Lead Arrangers for a $105 million senior secured credit facility to support the acquisition of Fortune International, LLC (“Fortune” or the “Company”) by Investcorp. Churchill served as Lead Left, while SMBC served as Administrative Agent and Midcap joined the transaction as a Joint Bookrunner.
Founded in 2001 and headquartered in Bensenville, IL, Fortune is a leading regional premium seafood and gourmet food distribution platform. Fortune specializes in servicing “micro-chain” customers including white-tablecloth restaurants, hospitality operators, national and regional grocery chains, and other foodservice companies. The Company operates in two separate segments with the legacy Fortune Fish & Gourmet and Fortune Imports business lines.
“Fortune has established itself as a clear leader in its regional market with the quality of its products and the high touch service which it provides to customers,” said Randy Schwimmer, Senior Managing Director and Head of Origination & Capital Markets at Churchill. “The Company has a developed a robust global supply chain to meet steady demand for fresh seafood in the Midwest, and we look forward to supporting Fortune’s continued success by working with Investcorp on this transaction.”
The transaction marks the inaugural financing of an Investcorp portfolio company by the Churchill platform. Founded in 1982, Investcorp is one of the most active global mid-market private equity firms. Investcorp’s New York-based private equity team focuses on investment opportunities in US-headquartered mid-sized companies across three industry verticals: business services, industrials, and retail and consumer products.
About Churchill Asset Management LLC
Churchill, an investment-specialist affiliate of Nuveen (the asset manager of TIAA), provides customized financing solutions to private equity firms and their portfolio companies across the capital structure. With $22 billion of committed capital under management, our solutions include first lien, unitranche, second lien and mezzanine debt, in addition to equity co-investments and private equity fund investments. 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 60 professionals in New York, Charlotte and Chicago. More information can be found at www.churchillam.com.
Investcorp is one of the most active global mid-market private equity firms, with over 30 years’ experience of successfully investing in North America and Europe and more recently in the MENA region. Investcorp’s North American private equity business focuses on investment opportunities in US-headquartered mid-sized companies with strong managers, solid cash flow, prominent positioning within their industry, a robust track record and potential for growth. For additional information on Investcorp, see www.investcorp.com.
SMBC’s middle market practice has global bank capabilities, with products and services throughout the world to support domestic and international leveraged buyouts, acquisitions, and recapitalizations. SMBC focuses on investing alongside private equity sponsors in companies operating in a wide range of industries with EBITDA of $10 million and above with underwriting, capital markets, and club execution capabilities.