On May 20, 2019, Faultless Healthcare Linen (“Faultless” or the “Company”), a leading provider of laundry and linen management solutions, sold a majority stake to ImageFIRST Healthcare Laundry Specialists, Inc. (“ImageFIRST”), a portfolio company of Calera Capital Advisors, LP (“Calera”).
Duff & Phelps served as the exclusive sell side advisor to Faultless Healthcare Linen and provided financial and accounting due diligence services in connection with the transaction.
About Faultless Healthcare Linen
Founded in 1896, Faultless Healthcare Linen is a healthcare focused laundry service provider with certified best practices to ensure medical laundry is safe and clean, while managing costs. Faultless is the only company in Missouri, Kansas and Colorado with all of these critical certifications – Hygienically Clean, HLAC, Infection Control University, as well as Clean Green. In Colorado, Faultless also processes food and beverage linens.
About ImageFIRST Healthcare Laundry Specialists, Inc.
Founded in 1967, ImageFIRST® is the largest and fastest growing national linen rental and laundry service specializing in the healthcare market. ImageFIRST’s 41 locations nationwide serve over 14,000 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 $3.5 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.