Los Angeles, CA – September 9, 2019 – Emerald Textiles (“Emerald”), a portfolio company of Los Angeles-based private investment firms Pacific Avenue Capital Partners, LLC (“Pacific”) and Highland Avenue Funds, LLC (“Highland”), announces the acquisition of the assets of Staheli Laundry Services, a Saint George, Utah-based healthcare linen service provider. The acquisition is complementary to Emerald’s current West Coast footprint and allows the company to serve both the Southern Utah and Las Vegas markets.
“We are excited to add the Saint George location to our network of facilities. The new location expands our footprint into the Southern Utah and Las Vegas markets and is complementary to our existing locations in California and Northern Nevada, where we operate five existing facilities and are the largest healthcare linen service provider. Emerald is committed to providing the best value-proposition for current and future customers and we look forward to continuing to provide an extremely high level of service,” said Rich Bott, CEO of Emerald.
Under Pacific’s and Highland’s ownership, Emerald has grown through significant new customer wins as a result of myopic commitment to providing the highest levels of service to our customer. The acquisition of the St. George, Utah location is the third acquisition for Emerald behind Emerald Textiles in San Diego and Mediclean Linen and Laundry in Los Angeles. Additionally, Emerald has invested heavily in upgrading existing facilities in Los Angeles and Turlock, CA. Finally, Emerald is completing its “greenfield” expansion in Northern California, Livingston, which is set to open in later September. The new facility in Livingston will be the most modern and state-of-art facility in North America.
Chris Sznewajs, Co-Founder and Managing Partner at Pacific Avenue Capital Partners, stated, “This acquisition represents a continuation of our effort to build a world-class healthcare linen provider that can serve the overall needs of the West Coast market. The culture in Saint George is focused on providing the highest level of customer service and this aligns directly with Emerald’s values. Adding the Saint George, Utah location furthers our geographic reach into Nevada and Utah and allows us to serve several of the regional health systems on the west coast with a holistic solution across our six locations throughout the western United States. We are excited to welcome the Saint George Emerald plant into our network.”
Northleaf Capital Partners and AIG provided the debt financing for this transaction. Jones Day acted as Buyers counsel. Latham & Watkins LLP, Paul, Weiss, Rifkind, Wharton & Garrison LLP provided debt counsel.
About Pacific Avenue Capital Partners, LLC
Pacific Avenue Capital Partners, LLC, founded by Chris Sznewajs, is a Los Angeles-based private investment firm that is focused on corporate divestitures and other special situations in the lower middle market. Our extensive M&A and operations experience allows us to navigate complex transactions and unlock value through operational improvement, capital investment, and accelerated growth. Our senior team has closed over 50 transactions, including 25 corporate divestitures, across a multitude of industries. Through our collaborative approach, we partner with strong management teams to drive strategic change and assist businesses in reaching their full potential. Pacific Avenue acquires controlling interests in businesses across multiple industries including industrials, business services, healthcare services, and building products. Pacific Avenue’s current portfolio companies have more than $950 million in combined revenue. For more information, please visit www.pacificavenuecapital.com
About Highland Avenue Capital Partners
Highland Avenue Capital Partners, founded by Chris Bryan, is a Los Angeles-based private investment firm with deep expertise in operations and growth enhancement in the middle market. Highland Avenue acquires controlling interests in businesses across multiple industries including specialty distribution, healthcare services and business services. For more information, please visit www.highlandavefunds.com.
About Emerald Textiles
Emerald Textiles is the leading industrial healthcare laundry and linen service business on the West Coast. Emerald Textiles was created through the combination of Emerald Textiles and Encore Textile Services in July 2018. The company has facilities in Los Angeles, Livingston, San Diego, Turlock, and La Selva Beach, CA as well as Reno, NV and Saint George, UT. For more information, please visit www.emeraldus.com.
Pacific Avenue Capital Partners