USA
ImageFIRST is going places, expanding into new healthcare laundry markets, acquiring established laundry businesses since 2018. Now, according to a report from the North America linen rental association, TRSA, Calera Capital, a leading middle-market private-equity investment firm based in San Francisco, has announced the successful closing of Calera Capital Image Holdings LP, a new single-asset continuation fund of approximately $750 million. The continuation fund transaction will provide substantial additional capital to support the continued execution of ImageFIRST’s future growth strategy.
The fund closed in connection with Calera’s sale of portfolio company ImageFIRST Healthcare Laundry Specialists, King of Prussia, PA, by Calera Capital Partners V LP and other investors. Managed by Calera, the continuation fund is supported by new and returning limited partners and anchored by funds managed by Goldman Sachs Asset Management, Blackstone Strategic Partners, TPG GP Solutions and Portfolio Advisors.
Calera and the ImageFIRST management team rolled significant sale proceeds into the continuation fund and Calera made a new equity commitment from its latest flagship fund as part of the transaction. The continuation fund transaction will provide substantial additional capital to support the continued execution of ImageFIRST’s core organic growth strategy, facilitate expansion into new healthcare markets and adjacent services, and continue the development of the company’s internal infrastructure.
Since Calera’s initial investment in 2018, ImageFIRST has grown pro forma EBITDA by approximately five-fold through both organic and inorganic growth. Under the leadership of president and CEO Jim Cashman, pictured, the company’s growth strategy has focused on providing the highest levels of customer service while expanding via a combination of organic growth, geographic market expansion and strategic add-on transactions, with 25 acquisitions completed since 2018. ImageFIRST now serves more than 25,000 locations and claims annual customer retention rate of over 95%.
