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May 12, 2011
CHS Capital and WASH Multifamily Laundry Systems, LLC Complete Refinancing

CHS Capital and WASH Multifamily Laundry Systems, LLC have completed a refinancing and amendment of WASH’s credit facilities. WASH is a portfolio company of CHS Private Equity V LP, a $1.3 billion investment fund formed in 2005.

Headquartered in El Segundo, California, WASH (formerly known as Web Service Company) is the West Coast’s largest provider of laundry facilities management services for apartment properties, condos, college and university residence halls, military bases and other multi-housing locations. The company 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 280,000 machines installed in more than 40,000 locations in California, Nevada and Hawaii, WASH is the clear market leader in each of its served markets. For additional information about WASH, please visit the company’s website at

CHS worked with WASH and GE Capital to complete an amendment to the company’s senior debt credit facilities. The amendment included, among other things, a reset of financial covenants and a three-year extension of the maturity date of the company’s $30 million growth investment revolving credit facility. The amendment permitted WASH to add to its existing Term B loan, the proceeds of which were used to pay down the company’s revolving credit facilities and fees associated with the transaction. In addition, the company refinanced its existing subordinated debt with a less expensive second lien term loan provided by Ares Capital Corporation. Total interest expense was reduced by over $3 million per year, providing an attractive payback on transaction fees incurred. The amendment and subordinated debt refinancing were completed opportunistically without any dilution to or incremental investment by CHS.

CHS Capital is a Chicago-based private equity firm with 23 years of experience investing in the middle market. Targeting well-managed companies with enterprise values between $75 - $500 million, CHS partners with management teams to focus on accelerating growth, enhancing capabilities and resources and positioning companies for attractive exits. CHS has specialized expertise in the Consumer & Business Services; Distribution; and Industrial, Infrastructure & Energy sectors and has completed 74 platform investments and 228 add-on investments. Founded in 1988, CHS has formed five private equity funds and has $2.3 billion of committed capital in active investment funds. For additional information about CHS Capital, please refer to the firm’s website at