Calera Capital has acquired a majority equity interest in ImageFIRST, a provider of laundry services to the healthcare industry.
ImageFIRST is a national linen rental and laundry services company specializing in the healthcare market. The company has 36 locations nationwide and serves over 11,000 medical facilities every week providing linen, patient gowns, scrubs and other materials. ImageFIRST, led by CEO Jeff Berstein, was founded in 1967 and is headquartered near Philadelphia in King of Prussia, PA (www.imagefirst.com).
Mr. Berstein, the Berstein family, and management will retain a significant equity interest in the business in partnership with Calera. “The entire leadership team and I are delighted to work together with Calera to build on the foundation that we have established over the past 20 years,” said Mr. Berstein. “We are a growth-focused company built on strong values, disciplined execution, and a commitment to serving the needs of our clients and employees. We are well aligned with the Calera team in these critical areas and I look forward to a successful partnership.”
“Jeff Berstein and his management team have developed ImageFIRST into a true market leader, driven by the company’s commitment to an unparalleled service experience for its clients,” said Ethan Thurow, Managing Director of Calera Capital. “The company has tremendous momentum, and we look forward to partnering with Jeff and his team as they continue to build the business.”
Calera Capital invests from $35 million to $200 million in companies with enterprise values from $100 million to $750 million. Sectors of interest include business services and specialty industrials. Calera was founded in 1991 and has offices in San Francisco and Boston (www.caleracapital.com).
“ImageFIRST has exceptional opportunities for further growth, both organic and through acquisitions. We look forward to supporting management as they execute on these opportunities and continue to realize the substantial potential of the business,” said Ed Orzetti, Operating Partner of Calera Capital.
ImageFIRST represents Calera’s sixth investment for the firm’s fifth fund which had a final close in October 2017 with $555 million of capital commitments.
© 2018 Private Equity Professional | October 30, 2018