Gen Nx360 Capital Partners has closed a single-asset continuation fund for its portfolio company Whitsons Culinary Group. The deal was led by Churchill Asset Management, an affiliate of Nuveen, and includes about $285 million of total equity commitments, part of which is committed capital to fund the company's further growth.
Whitsons, based in Hauppauge, New York, provides customized dining services and prepared meals to schools, residential healthcare facilities and commercial customers. During Gen Nx360's ownership, the business tripled in size. Its onsite dining operations expanded from seven states to 17, and it moved into new end markets, including residential healthcare, co-manufacturing, and food service and transportation.
"We have made eight accretive acquisitions, and we see tremendous opportunity to continue growing the business during our second hold," said Rishi Verma, partner at Gen Nx360.
Gen Nx360 and Whitsons' management team both reinvested significantly in the business as part of the deal, and Gen Nx360's fourth flagship fund, Gen Nx360 Capital Partners IV, also took part. Churchill, which already lends to Whitsons, is the continuation vehicle's lead investor. Gen Nx360, founded in 2006, invests in lower middle-market industrial services and business services companies and has about $3 billion in capital under management. Evercore served as financial adviser on the deal.
Source: PE Hub · Summarized by HeadlinesBriefing