Churchill Asset Management has provided a credit facility to back LLR Partners’ buyout of San Diego-based Genesee Scientific, a maker of lab projects for the academic research, biotech and industrial life science markets. No financial terms were disclosed. Churchill was the lead arranger and administrative agent on the financing.
New York, NY, October 22, 2021 – Churchill Asset Management (“Churchill”) today announced that it served as Lead Arranger and Administrative Agent for a unitranche credit facility in support of LLR Partners’ (“LLR”) acquisition of Genesee Scientific (“Genesee” or the “Company”).
Founded in 1995 and headquartered in San Diego, CA, Genesee Scientific is a manufacturer and distributor of laboratory projects to the academic research, biotech and industrial life science markets. The Company offers thousands of products across a variety of categories and life science research laboratory disciplines. Additional information can be found at www.geneseesci.com.
“Genesee has experienced tremendous organic growth due to its expanding industry, diverse customer base and large proportion of recurring revenues,” said Randy Schwimmer, Senior Managing Director and Co-Head of Senior Lending at Churchill. “We are excited to support LLR’s acquisition and believe their experience in the lab distribution space will provide the backdrop needed for continual growth at Genesee.”
The financing of Genesee marks the first transaction which Churchill’s senior lending team has completed in support of LLR Partners, a Philadelphia-based private equity firm focused on lower middle market technology and healthcare businesses.
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.