BOSTON/SAN FRANCISCO – October 30, 2018 – Calera Capital, a leading middle-market private equity firm, announced today that it has acquired a majority stake in ImageFIRST, a leading provider of laundry services for the healthcare industry. Jeff Berstein, ImageFIRST’s CEO, the Berstein family and management will retain a significant equity interest in the business. Terms of the transaction were not disclosed.
Ethan Thurow, Managing Director of Calera Capital said, “Jeff Berstein and his management team have developed ImageFIRST into a true market leader, driven by the company’s commitment to an unparalleled service experience for its clients. The company has tremendous momentum, and we look forward to partnering with Jeff and his team as they continue to build the business.”
Ed Orzetti, Operating Partner of Calera Capital added, “ImageFIRST has exceptional opportunities for further growth, both organic and through acquisitions. We look forward to supporting management as they execute on these opportunities and continue to realize the substantial potential of the business.”
“The entire leadership team and I are delighted to work together with Calera to build on the foundation that we have established over the past 20 years,” said Jeff Berstein, CEO of ImageFIRST. “We are a growth-focused company built on strong values, disciplined execution, and a commitment to serving the needs of our clients and employees. We are well aligned with the Calera team in these critical areas and I look forward to a successful partnership.”
ImageFIRST represents Calera’s sixth investment from Fund V and reinforces Calera’s strength and track record of successfully partnering with strong, founder or family-owned businesses and leading management teams. Mark Williamson, Ethan Thurow, Ed Orzetti and Andrew Holmes led Calera’s investment in ImageFIRST and will join the company’s board.
Founded in 1967, ImageFIRST® is the largest and fastest growing national linen rental and laundry service specializing in the healthcare market. ImageFIRST’s 36 locations nationwide serve over 11,000 medical facilities every week providing linen, patient gowns, scrubs and more while managing their clients’ linen inventory for cost management. With a customer retention rate of over 95%, ImageFIRST is dedicated to improving patient satisfaction through quality products and remarkable service: their Comfort Care® line of gowns are proven to increase patients’ favorable perception of a facility by more than 50%.
About Calera Capital
Founded in 1991, Calera Capital is a private investment firm which has invested over $3.3 billion. With offices in Boston and San Francisco, Calera focuses on partnering with founders and management teams to drive significant value creation in their businesses, primarily in two industry sectors: Business Services and Specialty Industrials. Calera Capital makes substantial equity investments in middle-market businesses and works closely in support of management to build long-term sustainable value through the implementation of strategic and operating initiatives.
Mickey Mandelbaum / Nick Rust