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.
Get the week’s top news delivered directly to your inbox – Sign up for our newsletter
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
Can’t stop reading? Read more
EQT raises the stakes with revised $12.3bn bid for Intertek
EQT raises the stakes with revised $12.3bn bid for Intertek EQT has tabled an improved takeover...
Temasek’s Azalea bets on evergreen structure to democratise private equity access
Temasek's Azalea bets on evergreen structure to democratise private equity access Azalea, a unit...
Adams Street Partners closes sixth co-investment fund at $2.5bn
Adams Street Partners closes sixth co-investment fund at $2.5bn Adams Street Partners has held the...