Churchill Asset Management has provided a credit facility to back Vestar Capital Partners’ acquisition of Mentor, Ohio-based Stratus, a provider of asset-light facilities services. No financial terms were disclosed. Churchill was lead arranger and administrative agent on the financing.
New York, NY, July 12, 2021 – Churchill Asset Management (“Churchill”) today announced that it served as Lead Arranger and Administrative Agent in support of Vestar Capital Partner’s (“Vestar”) acquisition of Stratus (“Stratus” or the “Company”).
Founded in 1953 and based in Mentor, OH, Stratus is a market-leading, asset-light facilities services provider serving a highly diversified base of blue-chip customers, including some of the leading Fortune 100 brands, in 50 states and 24 countries across a broad range of end markets, including healthcare, financial services, QSR, convenience stores, and telecom. The Company offers best-in-class customer service and integrated solutions, enabled by a differentiated technology suite and unmatched expertise and scale. Additional information about Stratus is available at www.stratusunlimited.com.
“With its experienced management team, diversified market reach, and tenured relationships with key customers, we see great potential for Stratus to achieve further growth,” said Randy Schwimmer, Senior Managing Director and Co-Head of Senior Lending at Churchill. “We are excited to support Stratus as the Company partners with the skilled team at Vestar.”
The financing of Stratus marks the third transaction which Churchill’s senior lending team has completed in support of Vestar, a leading middle-market private equity firm headquartered in New York, NY, focused on the consumer, healthcare, and business & technology services sectors.
“We were very impressed with the Churchill team’s expertise and their ability to act quickly and decisively on this transaction,” said Jake Olson, Principal of Vestar. “Vestar is pleased to be working with Churchill as we further build this relationship, and we look forward to partnering with Stratus’ exceptional management team to help accelerate the next stage of Stratus’ growth.”
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 Vestar Capital Partners
Vestar Capital Partners is a leading U.S. middle-market private equity firm specializing in management buyouts and growth capital investments. Vestar invests and collaborates with incumbent management teams and private owners to build long-term enterprise value, with a focus on Consumer, Business & Technology Services and Healthcare. Since its founding in 1988, Vestar funds have invested $8 billion in 85 companies – as well as more than 200 add-on acquisitions – with a total value of approximately $50 billion. For more information on Vestar, please visit www.vestarcapital.com.