Churchill supports SmartWave’s acquisition of Multi-Tech Systems

Churchill Asset Management has provided a credit facility to back Toronto-based SmartWave Technologies' acquisition of Michigan-based Multi-Tech Systems Inc, a provider of industrial internet of things communication devices and services.

Churchill Asset Management has provided a credit facility to back Toronto-based SmartWave Technologies’ acquisition of Michigan-based Multi-Tech Systems Inc, a provider of industrial internet of things communication devices and services. No financial terms were disclosed. SmartWave is a portfolio company of Northlane Capital Partners.

PRESS RELEASE

New York, NY, November 3, 2020 – Churchill Asset Management (“Churchill”) today announced that it served as administrative agent and sole lead arranger for a senior secured credit facility in support of the acquisition of Multi-Tech Systems, Inc. (“Multi-Tech”) by SmartWave Technologies (“SmartWave”), a portfolio company of Northlane Capital Partners.

Founded in 1970 and headquartered in Mounds View, MI, Multi-Tech is a leading global supplier of Industrial Internet of Things (“IIoT”) communication devices and services. SmartWave, founded in 1994 and headquartered in Toronto, ON, is a designer and provider of electronic and electromechanical systems for a range of end markets including healthcare, hygiene, sanitary, and plumbing. SmartWave sensor technology is used in products such as touchless soap dispensers, automatic faucets and flushers, and pest traps. The combined entity, which will operate under the Multi-Tech brand, will drive deployment of proven Industrial IoT first-to-market innovations to further scale the deployment of smart assets, durables and industrial consumables.

“Multi-Tech has a reputation for best-in-class industrial communications equipment and the combination with SmartWave is particularly valuable in light of the COVID-19 pandemic as we increasingly utilize sensor technology in healthcare and hygiene,” said Randy Schwimmer, Senior Managing Director and Head of Origination & Capital Markets at Churchill. “Northlane is the ideal partner to complement two innovative technology companies and we look forward to supporting the Company’s growth plans.”

Northlane Capital Partners is a middle market private equity firm focused on key segments within the healthcare and business services sectors, where its principals have invested $1.5 billion of equity capital. This marks the second transaction that Churchill has helped finance for Northlane.

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 $24 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 80 professionals in New York, Charlotte and Chicago. More information can be found at www.churchillam.com.

About Northlane Capital Partners
Based in Bethesda, MD, Northlane Capital Partners is a middle market private equity firm focused on key segments within the healthcare and business services sectors, where its principals have invested $1.5 billion of equity capital. NCP’s strategy is to partner with industry-leading companies and great management teams, aligning incentives to accelerate growth and build value. Northlane Capital Partners was recently named to Inc.’s 2020 Private Equity 50 list of the top founder-friendly private equity firms. For more information, please visit www.northlanecapital.com.