Contact Information: Contact Melissa Daly or Gemma Hart Brunswick Group (212) 333-3810 Alastair Merrick Churchill Financial (212) 763-4612
Churchill Financial Completes Acquisition of Centre Pacific LLC From Centre Partners
| Source: Churchill Financial
NEW YORK, NY -- (MARKET WIRE) -- October 13, 2006 -- Churchill Financial Holdings LLC ("Churchill
Financial"), a middle market commercial finance company, announced today
that it has completed the acquisition of Centre Pacific LLC ("Centre
Pacific"), a leading manager of collateralized debt obligations ("CDOs")
and other fixed income funds, from Centre Partners. Centre Pacific
currently has approximately $3.25 billion in assets under management. In
connection with the acquisition, Centre Pacific has been renamed Churchill
Pacific Asset Management ("Churchill Pacific") and will become the platform
for Churchill Financial's growth in the fixed income asset management area.
Churchill Pacific, based in Los Angeles, CA, is led by Heather E. Creeden,
an experienced executive and portfolio manager, with over 20 years of fixed
income asset management experience. The management team at Churchill
Pacific also includes Stephen J. Ahearn, Director of Research, and Senior
Portfolio Managers John M. Casparian and Kevin J. Hickam. The management
team has worked together for over 15 years at Centre Pacific and, prior to
that, at Transamerica Investment Services. They will continue to manage
substantially all of the CDO vehicles and mutual funds currently being
managed by Centre Pacific. In connection with the acquisition, Centre
Partners will become an investor in Churchill Financial.
About Churchill Financial
Churchill Financial, based in New York, is a middle market commercial
finance company focused on providing senior and mezzanine debt financing to
smaller middle market companies, a market generally under served by larger
commercial and investment banks. The firm targets lending to private equity
firms and other investors who focus on acquiring and growing their
companies. Churchill Financial was formed by Bear Stearns Merchant Banking
("BSMB") and Churchill Capital in February 2006 and has over $500 million
of committed capital to support its financing activities.
About BSMB
BSMB, the private equity affiliate of The Bear Stearns Companies Inc (NYSE : BSC ) invests private equity capital in compelling leveraged buyouts,
recapitalizations and growth capital opportunities alongside superior
management teams. Since its formation in 1997, BSMB has been an investor in
over 50 portfolio companies across a broad range of industries. BSMB
currently manages more than $4.5 billion of institutional private equity
capital. Recent investments by BSMB include: ACA Capital Holdings, Aearo
Technologies (exited in 2006), Balducci's, CamelBak Products, Cavalry
Investments, Churchill Financial Holdings, Hand Innovations (exited in
2006), Multi Packaging Solutions, New York & Company (NYSE : NWY ), Reddy Ice
(NYSE : FRZ ), Seven For All Mankind, Stuart Weitzman, Transamerican Auto
Parts Company and Vitamin Shoppe. More information about BSMB can be found
at www.bsmb.com.