GenNx360 Capital Partners has closed a single-asset continuation fund for Whitsons Culinary Group with approximately $285 million in total equity commitments.
The transaction was led by Churchill Asset Management and includes additional committed capital intended to support Whitsons’ continued growth. GenNx360 and Whitsons’ management team both made significant reinvestments in the company as part of the transaction.
Headquartered in Hauppauge, New York, Whitsons provides customized dining services and prepared meals to schools, residential healthcare facilities, commercial customers, transportation customers, and other markets.
Whitsons has tripled its business during GenNx360’s ownership. Its onsite dining operations have expanded from seven states to 17 states, while the company has broadened its end-market exposure into residential healthcare, co-manufacturing, food service, and transportation.
GenNx360 has also completed eight acquisitions for Whitsons during its investment period and sees additional opportunities to expand the company through a second ownership period.
The continuation fund lets existing investors gain liquidity while giving GenNx360 and management more time and capital to pursue Whitsons’ next stage of expansion.
Churchill is participating as both a lender and lead investor in the continuation vehicle. The asset manager has $66 billion of committed capital and operates as part of Nuveen Private Capital alongside Arcmont Asset Management.
GenNx360 manages approximately $3 billion and focuses on lower-middle-market industrial services and business services companies. Its target markets include infrastructure services, testing and inspection, aerospace and defense, automation and industrial technology, commercial services, and food services.
Evercore served as financial advisor on the transaction. Winston Taylor advised GenNx360 and Whitsons, Sidley Austin advised Churchill Asset Management, and McDermott Will & Schulte advised GenNx360 Capital Partners IV in connection with its participation.
KEY QUOTES:
“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.”
Rishi Verma, Partner At GenNx360 Capital Partners
“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.”
Marie Ffolkes, Managing Partner At GenNx360 Capital Partners
“We are thrilled to continue supporting Whitsons as both a lender and the lead investor in the continuation vehicle.”
Nick Lawler, Managing Director And Head Of Secondaries At Churchill Asset Management
