Churchill Asset Management, an investment-specialist of Nuveen that provides customized financing solutions to U.S. middle market-focused private equity sponsors and their portfolio companies, provided a second lien debt and minority equity investment to support Tenex Capital Management in the strategic merger of Rose Paving with Atlantic Southern Paving (ASP).
“This strategic acquisition is backed by a Sponsor with significant experience in the diversified industrials space,” Dodson Worthington, managing director on Churchill’s private equity and junior capital team, said. “We are excited to support this transaction, which we believe will create a company with the potential to be a national industry leader with an unparalleled commitment to customer service and quality work.”
“Churchill was an exceptional partner throughout the transaction process,” Gabe Wood, managing director at Tenex Capital Management, said. “Their ability to provide flexible capital at scale was instrumental to the success of this transaction. We look forward to continuing our valuable relationship with the Churchill team.”
