New Harbor Capital Announces the Sale of WASH Multifamily Laundry Systems
May 14, 2015 / Investments
New Harbor Capital is pleased to announce the sale of WASH Multifamily Laundry Systems to EQT Infrastructure II.
Headquartered in El Segundo, California, WASH is one of North America’s leading providers of route-based laundry services for apartment buildings, condos, college and university residence halls, military bases and other multihousing locations. WASH operates through 26 branch locations providing services to over 70,000 locations; more than five million people do their laundry in a WASH laundry room every week.
WASH was a portfolio investment of CHS Private Equity V LP. During CHS’ ownership period, WASH completed 13 add-on acquisitions, expanding its geographic presence into the Midwest, Pacific Northwest and throughout Canada. Significant enhancements to the management team were also completed through the addition of a new CFO, CIO, EVP – Sales and Marketing, and General Counsel, all to provide better support for growth initiatives. In addition, WASH upgraded its information technology systems, increased the use of technology in all aspects of operations, enhanced strategic pricing strategies and improved capital management to drive growth in revenue, profitability and cash flow.
“CHS’ expertise was instrumental to our growth, both organic and acquisition-related,” said Adam Coffey, CEO at WASH. “We have laid the foundation to incorporate data and technology into every aspect of our business and continue to offer best-in-class service to our customers.”
For additional information on WASH, please visit www.washlaundry.com.