Churchill Asset Management announced that it served as Lead Arranger for a $87.5 million first lien credit facility to support the formation of TruRoad Holdings, Inc. by CenterOak Partners, through its investment in JN Phillips Auto Glass and Techna Glass, Inc.
Based in Woburn, MA, TruRoad is the second largest automotive glass and claims management company in the US. The company operates in two primary segments – auto glass and recalibration and insurance claim services. TruRoad offers a differentiated experience for car owners, insurance firms and commercial fleets with a “schedule easily, service locally” business philosophy.
“As a combination of long-standing family run companies, in particular JN Phillips Auto Glass and Techna Glass, Inc., TruRoad is well positioned to benefit from CenterOak’s investment expertise, deep success with family-owned businesses and history of driving growth both organically and through add-on acquisitions,” said Randy Schwimmer, Senior Managing Director and Head of Origination & Capital Markets at Churchill. “We look forward to supporting CenterOak and TruRoad as they continue to expand the TruRoad product offering and enter new markets with best-in-class customer service.”
The financing is the first transaction that the Churchill platform has completed in support of CenterOak Partners, a leading Dallas, Texas-based private equity firm focused on making control-oriented investments in middle market companies in the industrial growth, consumer, and business services industries.
About Churchill Asset Management LLC
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 CenterOak Partners LLC
CenterOak Partners LLC is a private equity firm focused on making control-oriented investments in middle market companies organized or operating in the United States. The Firm specializes in three key industry sectors: Industrial Growth, Consumer, and Business Services. Based in Dallas, Texas, the investment and portfolio management team has a strong historical track record creating significant value through operational improvement. CenterOak’s senior leaders and their predecessor funds have managed over $1.8 billion of equity capital commitments and have completed over 100 acquisitions, representing more than $3.3 billion in transaction value. For additional information, please visit www.centeroakpartners.com.
