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Clairvest Enters Linen Rental Industry
Toronto, Ontario (October 31, 2011) – Clairvest Group Inc. (TSX:CVG) (“Clairvest”), Clairvest Equity Partners IV Limited Partnership and Clairvest Equity Partners IV-A Limited Partnership (collectively, “CEP IV”) today announced a combined US$8.6 million investment in Linen King LLC (“Linen King”). Linen King is an Oklahoma based textile rental services company that provides commercial laundry services to the healthcare and hospitality industries. Clairvest’s portion of the investment is US$2.3 million.
“Our team has followed the textile rental industry for a number of years. We are excited by the opportunity to partner with a strong and ambitious management team led by the founders of the Company who will continue to own a meaningful percent of the company. Linen King has an outstanding reputation for reliability and customer service and we look forward to working with management to help execute their growth initiatives,” said David Sturdee, Managing Director of Clairvest. Leonard McCullough, Linen King’s CEO, added, “I’m thrilled to have Clairvest as our partner to help fuel the next stage of our expansion. We’ve spent the last 12 years rapidly becoming one of the largest textile rental services companies in the central U.S and are enthusiastic about working with Clairvest to expand our footprint throughout the country”.
Linen King is Clairvest’s 36th platform investment and the fourth investment by CEP IV. The Clairvest/CEP IV co-investment pool is capitalized at $467 million and makes equity investments in growth companies.
Clairvest Group Inc. is a private equity management firm which invests its own capital, and that of third parties through the Clairvest Equity Partners limited partnerships, in businesses that have the potential to generate superior returns. In addition to providing financing, Clairvest contributes strategic expertise and execution ability to support the growth and development of its investee partners. Clairvest realizes value through investment returns and the eventual disposition of its investments.
Director, Investor Relations and Marketing
Clairvest Group Inc.
Tel: (416) 925-9270
Fax: (416) 925-5753