Churchill Financial has hired Randy Schwimmer as a senior managing director and head of its capital markets, responsible for structuring and syndicating loans. Schwimmer was a managing director and head of leveraged finance syndication for BNP Paribas. He started last Monday and reports to Ken Kencel, ceo.
Churchill was formed in February 2006 by Bear Stearns Merchant Banking and Churchill Capital and focuses on providing senior and mezzanine debt financing to smaller middle-market companies. "As we grow our financing business, we believe it is important to build our capabilities in the capital markets area, both to handle distribution of smaller, middle-market deals...but also to have Randy take responsibility for building and solidifying the firm's relationships with middle-market lenders and other investors in middle-market loans," Kencel said.
Schwimmer had worked with Kencel and James Nathenson, chief risk officer, at what is now JPMorgan Chase, so he was a familiar entity and his background in the middle market made him a good fit, Kencel said. He does not anticipate making any more senior hires at this point.
Schwimmer said he had considered moving over to the buyside for some time, but it wasn't until Kencel called with this opportunity and he met with representatives from Churchill and Bear Stearns that he decided to make the move. "It gave me the opportunity to be a partner...in essentially running our own business and that is very exciting," he said.
Kencel said the firm has already been a part of two or three middle-market deals and he anticipates leading its first deal in the next 30-60 days. Kencel and Schwimmer both said the firm has an interest in working on collateralized loan obligations in the future, but would not comment on the timing of its first product.
A BNP spokeswoman confirmed the departure and declined to comment further. It is unclear whom will replace Schwimmer and when.