Churchill Asset Management announced that it served as Lead Arranger for a senior secured credit facility to support Kramer Laboratories’ acquisition of Nizoral. Kramer is a portfolio company of Avista Capital Partners.
Based in Coral Gables, FL, Kramer is a well-established marketer of branded over-the-counter (OTC) products within the foot care and cough-cold segments of the consumer healthcare market. Nizoral is a leading anti-dandruff shampoo brand sold in North America and Latin America, which was divested to Kramer by Janssen Pharmaceutica NV (a member of the Johnson & Johnson family of companies) to become a part of the growing Kramer platform.
“While healthcare is almost 20% of GDP, it remains a fast-growing industry. Strategic capital is critical for companies like Kramer to expand and gain a competitive edge. We are pleased to support our long-time partner, Avista, and its portfolio companies in this endeavor,” said Randy Schwimmer, Senior Managing Director and Head of Origination & Capital Markets at Churchill.
The financing represents the third transaction that the Churchill platform has completed in support of Avista Capital Partners, a leading New York, NY-based private equity firm with over $6 billion invested in more than 30 growth-oriented healthcare businesses.
About Churchill Asset Management
Based in New York, Churchill Asset Management LLC is a leading provider of senior and unitranche debt financing for middle market companies, particularly those backed by top-tier private equity sponsors. Churchill has $4.4 billion of committed capital under management and has broad experience in all aspects of the middle market financing business, including structuring, credit analysis, syndication, and deal monitoring and oversight. More information can be found at www.churchillam.com.
About Avista Capital Partners
Founded in 2005, Avista is a leading New York-based private equity firm with over $6 billion invested in more than 30 growth-oriented healthcare businesses. Avista targets businesses with strong management teams, stable cash flows and robust growth prospects and utilizes a proactive, hands-on approach to create value in our portfolio companies. Avista’s Operating Executives and Advisors are an integral part of the team, providing strategic insight, operational oversight and senior counsel, that help drive growth and performance to create long-term value and sustainable businesses. (www.avistacap.com).
