Code Hennessy & Simmons LLC Announces Majority Equity Investment in Web Service Company, LLC
Code Hennessy & Simmons LLC (“CHS”) announced it has made a majority equity investment in Web Service Company, LLC (“Web”) a provider of outsourced laundry equipment services. Funds for CHS’ investment in Web come from CHS Private Equity V LP, a $1.3 billion investment fund formed in 2005.
Headquartered in Redondo Beach, California, Web is a leading provider of laundry facilities management services for apartment properties, condominiums, college and university residence halls, military bases and other multi-housing locations. Web offers a full range of services from the design, construction and installation of laundry equipment facilities to the continued operation and maintenance of those facilities. Currently operating over 260,000 machines installed in more than 40,000 locations on the West Coast, Web is the clear market leader in each of its served markets. For additional information about Web, please visit the company’s website at www.weblaundry.com.
Adam Coffey, CEO of Web, said, “We’re very excited about what our future holds. Under our new ownership, Web will have additional capital to expand our business and become even more competitive in the marketplace.”
Richard Lobo, Partner at CHS, said, “Web is a market share leader in premier geographies throughout the West Coast. We look forward to working with Adam and his management team to expand through acquisitions and continue Web’s reputation of excellent customer service and best-in-class technology.”
The investment in Web complements CHS’ Business & Consumer Services portfolio, which currently includes AMF Bowling Worldwide, Inc., the largest operator of bowling centers worldwide; Acton Mobile Industries, a leading provider of modular space rental services; Heartland Dental Care, Inc., a dental practice management company; Suture Express, Inc., a distributor of sutures and other wound closure products; and Swank Audio Visuals, LLC, a provider of outsourced audio visual services. Prior CHS portfolio investments in business and consumer services have included American Reprographics Company, the largest provider of outsourced reprographics and related business services in the U.S.; Baker Tanks, Inc., the leading supplier of containment rental equipment in the U.S.; and Corporate Benefit Services of America, Inc., a healthcare services company that provides benefit administration.
CHS is a Chicago-based private equity firm specializing in private equity investments and recapitalizations of middle market companies in partnership with management. CHS targets well-managed companies focused on growth with enterprise values between $100 million and $1.0 billion. With particular expertise in the Business & Consumer Services, Consumer Products, Distribution, and Infrastructure & Industrial Products sectors, CHS has completed 73 platform investments and 173 add-on investments. Founded in 1988, CHS has formed five private equity funds and currently manages over $2.7 billion of capital. For additional information about CHS, please refer to the firm’s website at www.chsonline.com.