GenNx360 Capital Partners Closes Approximately $285 Million Single-Asset Continuation Fund Transaction to Support Continued Growth of Whitsons Culinary Group

NEW YORK--(BUSINESS WIRE)--GenNx360 Capital Partners (“GenNx360”), a New York City-based private equity firm investing in U.S. lower middle market industrial services and business services companies, today announced the closing of a continuation fund for Whitsons Culinary Group (“Whitsons” or the “Company”).

Headquartered in Hauppauge, New York, Whitsons provides a wide range of customized dining services and prepared meals to schools, residential healthcare and commercial customers with a strong focus on nutritious, high-quality meals made from wholesome, fresh ingredients. A market leader in the Northeast, Whitsons is one of the largest food service management companies in the United States.

The transaction was led by Churchill Asset Management and includes approximately $285 million of total equity commitments, including committed capital to support the Company’s continued growth. During GenNx360’s ownership, Whitsons has tripled the size of its business, reflecting the significant growth achieved during the firm’s investment period. Reflecting their strong conviction in the Company’s growth trajectory, both GenNx360 and the Whitsons management team reinvested significantly as part of the transaction.

Rishi Verma, Partner at GenNx360, noted, “During GenNx360’s ownership, Whitsons has increased its onsite dining presence from seven to 17 states and expanded its end market presence into 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.”

Marie Ffolkes, Managing Partner at GenNx360, commented, “We have established Whitsons as an industry leader with leading market share in its core markets of the Northeast, and a growing presence across the Southern and Midwestern U.S. We have expanded the Company’s presence across end-markets and across service verticals. We look forward to continuing to support the Whitsons management team as they execute our shared growth strategy.”

Nick Lawler, Managing Director, Head of Secondaries at Churchill Asset Management, added, “We are thrilled to continue supporting Whitsons as both a lender and the lead investor in the continuation vehicle. The Company’s strong track record, differentiated offering, and continued expansion across attractive end markets position it well for its next phase of growth.”

Evercore served as financial advisor for the transaction. Winston Taylor LLP served as legal counsel to GenNx360 and Whitsons. Sidley Austin LLP served as legal counsel to Churchill Asset Management. McDermott Will & Schulte also served as legal counsel to GenNx360 Capital Partners IV in connection with its participation in the transaction.

About GenNx360 Capital Partners

GenNx360 Capital Partners is a private equity firm with ~$3 billion in capital under management that partners with lower middle market industrial services and business services companies. GenNx360 invests in companies with proven and sustainable business models in expanding industries operating in large markets. The firm implements value-enhancing growth plans and operational improvements alongside rapid buy-and-build strategies to accelerate growth, deliver efficiencies, and generate strong financial returns. Target industries include infrastructure services, testing and inspection, aerospace and defense, automation & industrial technology, commercial services, and food services. GenNx360 was founded in 2006 and is headquartered in New York City. www.gennx360.com

About Churchill Asset Management LLC

Churchill, an investment-specialist affiliate of Nuveen, the investment manager of TIAA, provides customized financing solutions to U.S. middle market private equity firms and their portfolio companies across the capital structure. With $66 billion of committed capital, Churchill provides first lien, unitranche, second lien and mezzanine debt, in addition to equity co-investments, secondary solutions and private equity fund commitments. Churchill has a long history of disciplined investing across multiple economic cycles, and its origination strategy and investment approach are driven by more than 225 professionals in New York, Charlotte, Chicago, Los Angeles and Palm Beach. Together with its sister company Arcmont Asset Management, Churchill comprises Nuveen Private Capital, a $99 billion private capital platform and one of the largest private debt managers globally. For more information, visit www.churchillam.com

About Whitsons Culinary Group

Whitsons Culinary Group is a leading provider of customized dining services to education, healthcare, transportation, micro-markets and other end-markets nationwide. With a steadfast commitment to delivering nutritious, high-quality meals crafted from wholesome, fresh ingredients, Whitsons’ mission is Enhancing Life One Meal at a Time™. Since 1979, Whitsons has upheld a legacy of excellence and consistent growth. Today, Whitsons is at the forefront of the foodservice industry, setting new standards with its dedication to wholesome food, family values, and personalized service. For more information, visit www.whitsons.com.