Over the last three decades, Crothall has continued to make substantial investments in their plants and capabilities, while supporting the growth of leading healthcare organizations. H.I.G. Capital was looking to partner with the current management team to support the Company’s continued expansion and growth initiatives.
Based in Mooresville, North Carolina, Crothall Laundry Services, Inc. is a provider of outsourced laundry and linen management services to the healthcare and hospitality markets. Founded in 1991, Crothall operates a national network of 29 operations that process 600 million pounds of linens annually. Crothall utilizes the highest quality and sustainability standards and processes.
H.I.G. Capital approached us to finance their acquisition of Crothall Laundry Services from its parent company, Compass Group PLC, a British multinational company. Crothall Laundry was a division of Compass’ Crothall Healthcare, a diversified hospital services provider.
Over the last three decades, Crothall has continued to make substantial investments in their plants and capabilities, while supporting the growth of leading healthcare organizations. H.I.G. Capital was looking to partner with the current management team to support the Company’s continued expansion and growth initiatives.
H.I.G. Capital was looking for a flexible partner willing to move forward with follow-on financings. Our speed and certainty of execution, flexibility of structure, and ability to provide a one-stop financing solution solidified H.I.G.’s decision to partner with us.
The acquisition closed in December 2020, despite COVID-19 related impacts adding complexity to the transaction. We provided the Company with a one-stop financing package consisting of an undrawn revolving credit facility, a senior term loan, and subordinated notes.
We are pleased to have been a part of this process and look forward to supporting Crothall’s continued growth.
