Source, Philadelphia Business Journal, John George
Calera Capital, a private equity firm, has acquired a majority stake in ImageFirst, a King of Prussia-based provider of laundry services for the health care industry.
Financial terms of the deal were not disclosed.
Jeff Berstein, ImageFIrst’s CEO, said the Berstein family and management will retain a significant equity interest in what has been a family-owned business.
Founded in 1967, ImageFirst operates 36 locations nationwide that serve more than 11,000 medical facilities. The company provides linen, patient gowns, and scrubs and along with inventory management services.
“Jeff Berstein and his management team have developed ImageFirst into a true market leader,” said Ethan Thurow, managing director of Calera Capital, which has offices in Boston and San Francisco. “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, said his firm believes that ImageFirst has “exceptional opportunities” for further growth both internally and through acquisitions.
“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 Berstein.