Investment firms Northleaf Capital Partners and Avalt are acquiring North American laundry infrastructure services firm WASH Multifamily from EQT for an unspecified amount.
Established in 1947, WASH Multifamily provides common room laundry services to multifamily apartments and universities. The company operates across 34 branch locations in the US and Canada.
The EQT Infrastructure II fund acquired WASH Multifamily in April 2015.
Jared Waldron, co-head of infrastructure at Northleaf, said: “We are delighted to add WASH to our infrastructure portfolio given its durable business model that has exhibited resilience through multiple market cycles including COVID-19.
“WASH offers an essential service with historically low correlation to the broader economy, strong inflation protection, and an attractive free cash flow generation profile.”
Paul Gill, director, infrastructure at Northleaf, said: “WASH is highly aligned with our strategy of investing in businesses with strong downside protection and attractive opportunities for value creation.”
Marko Kivisto, partner and co-founder of Avalt, said: “WASH’s industry-leading growth, customer satisfaction, and retention are a testament to the company’s commitment to high-quality service.
“We’re thrilled to partner with the WASH team and Northleaf to support the company’s end customers, property managers, and employees for many years to come.”
Chirag Malkani, vice president at AVALT, added, “We are excited to continue to invest behind service and digitisation to accelerate WASH’s success and growth.”
Jim Gimeson, CEO at WASH Multifamily, said: “We are incredibly excited to welcome our new sponsors as strategic partners in WASH’s next chapter of growth. At WASH, our relentless focus on customer service, alongside continued investment in technology, has positioned us as a trusted partner to property owners across North America.
“This partnership marks a significant step towards deepening the value we deliver to our loyal customers and associates.”
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