CHS Capital Completes Sale of WASH Multifamily Laundry Systems
Chicago-based private equity firm CHS Capital™ has completed the sale of WASH Multifamily Laundry Systems, a portfolio investment of CHS Private Equity V LP, to EQT Infrastructure II.
Headquartered in El Segundo, California, WASH is one of North America’s leading providers of route-based laundry services for apartment buildings, condos, college and university residence halls, military bases and other multihousing locations. WASH operates through 26 branch locations providing services to over 70,000 locations; more than five million people do their laundry in a WASH laundry room every week. For additional information, please visit www.washlaundry.com.
CHS invested in WASH in partnership with management in August 2008. During CHS’ investment period, WASH completed 13 add-on acquisitions, expanding its geographic presence into the Midwest, Pacific Northwest and throughout Canada. Significant enhancements to the management team were also completed through the addition of a new CFO, CIO, EVP – Sales and Marketing, and General Counsel, all to provide better support for growth initiatives. In addition, WASH upgraded its information technology systems, increased the use of technology in all aspects of operations, enhanced strategic pricing strategies and improved capital management to drive growth in revenue, profitability and cash flow.
“We have enjoyed a successful partnership with CEO Adam Coffey and his senior management team,” said Rich Lobo, Partner at CHS Capital. “Working together, we transformed WASH into a sophisticated, technology-driven platform and a true leader in the multifamily laundry industry.”
“CHS’ expertise was instrumental to our growth, both organic and acquisition-related,” said Adam Coffey, CEO at WASH. “We have laid the foundation to incorporate data and technology into every aspect of our business and continue to offer best-in-class service to our customers.”
CHS Capital is a Chicago-based private equity firm with over 25 years of experience investing in the middle market. Through partnerships with strong management teams, CHS Capital aims to accelerate earnings growth and drive value creation through human capital initiatives, performance improvement actions and strategic growth activities. Throughout its history, CHS Capital has made investments in over 395 businesses and invested $2.9 billion of capital. For additional information, please visit