EQT Explores $2bn Sale of Wash Multifamily Laundry

Apr 29, 2022 | News

EQT AB is exploring a sale of Wash Multifamily Laundry Systems, which operates laundry machines in apartment buildings, college residence halls and military bases, according to people with knowledge of the matter.

The alternative asset manager, which has owned Wash since 2015 through one of its infrastructure funds, is working with Moelis & Co. to solicit interest from potential suitors, including private equity and infrastructure firms, some of the people said, asking not to be identified discussing private matters.

Any transaction is expected to value the company — which has more than $150 million in adjusted earnings before interest, taxes, depreciation and amortization — at around $2 billion, including debt, some of the people said.

 

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Representatives for EQT and Moelis declined to comment.

The Torrance, California-based company is the largest provider of laundry services in Canada and the second-largest in the U.S., with around 635,000 installed machines and 82,000 customer locations, according to EQT’s website.

Wash, led by Chief Executive Officer Jim Gimeson, said last year that it raised $850 million through the issuance of senior secured notes.

The company competes with rivals including CSC ServiceWorks, a laundry-machine operator owned by Ontario Teachers’ Pension Plan and Pamplona Capital Management.

Source: BNN Bloomberg

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