Oct. 11, 2022: Churchill Raises $12 Billion for Mid-Market PE Lending
Plus, Building Industry Partners expands platform company, and LongueVue portco announces coffee acquisition
Read the top headlines from Tuesday, October 11, 2022 below:
Building Industry Partners Expands Building Products Platform Company
Private equity firm Building Industry Partners, which targets the U.S. building industry, is expanding platform company North American Specialty Laminations (NASL) with two acquisitions, according to a recent announcement. NASL is acquiring Midwest Prefinishing and Premium Prefinished Products, enhancing the platform company’s existing prefinishing services and making the company the largest independent prefinishing operating in the U.S. Building Industry Partners said it plans to continue growing the business through geographic expansion within the U.S.
LongueVue Capital’s Pod Pack Acquires Coffee Business
Private equity firm LongueVue Capital announced in a recent press release that one of its portfolio companies, single-serve coffee manufacturer Pod Pack International, is expanding with the acquisition of Joe’s Garage Coffee. Joe’s Garage provides coffee sourcing, roasting, research and development, and packing services for coffee brands. LongueVue noted that the merger is a “complementary” one, strengthening Pod Pack’s presence in the coffee market by enhancing its manufacturing capabilities as well as its geographic presence.
Churchill Raises $12 Billion for Mid-Market Private Equity Landscape
Churchill Asset Management, which provides financing for middle-market private equity firms and their portfolio companies, announced it raised more than $12 billion for its newest senior lending facility. About 150 investors committed to the fund, including public and private pension plans, insurance companies, endowments, foundations and family offices based around the world, the press release noted.
“The senior lending asset class is particularly attractive in today’s market environment given the floating rate nature of the investments, strong current income potential, significant lender protections and senior position in the capital structure,” stated Churchill president and CEO Ken Kencel, adding that the current environment of volatility and limited credit availability means the firm is accelerating its investment activity.
