Seaport Capital Invests in Linen King, a Regional Leader in Healthcare Laundry Services
TULSA, Okla. & NEW YORK--(BUSINESS WIRE)--Jan 7, 2020--
Seaport Capital, a New York-based private equity firm, announced today that it completed a strategic investment alongside the founders and operators of Linen King, Leonard and LK McCullough, to support the continued growth of the company.
Linen King is a leading provider of outsourced laundry cleaning and management services to hospitals, health systems, and healthcare clinics in the regions it serves, which include the South Central and Midwest United States. Through its network of six laundry facilities in five states, Linen King offers healthcare customers the security associated with knowing their outsourced linen needs have redundant support within the region.
“I’m looking forward to our new partnership with Seaport Capital and the exciting growth opportunities they will help us execute on for Linen King,” said Leonard McCullough, Founder and CEO. “Seaport has a very successful history of helping entrepreneur-led services companies grow. They quickly understood, and demonstrated that they shared, the values our Company embraces in providing not only the highest levels of service to our customers but a great place to work for our employees.”
Drew Meyers, Partner at Seaport Capital, discussed the investment, saying, “Linen King has established remarkable success throughout its history and has proven to be a leader in the healthcare laundry services sector. We are proud to support Leonard and his team as they pursue the next chapter of growth for the company both organically and through acquisitions.”
Bob Tamashunas, Partner at Seaport Capital, added, “We’re excited to partner with the Linen King team. Linen King’s business model and approach of staying regionally-focused in a highly fragmented industry, maintaining long-term customer contracts, and being led by its founders aligns well with Seaport’s investing strategy.”
Stephens Inc. served as exclusive financial advisor to Linen King.
Willkie Farr & Gallagher LLP served as exclusive legal advisor to Seaport Capital.
About Linen King
Linen King was founded in 1999 by Leonard and LK McCullough and currently processes more than 80 million pounds of textile products annually for hospitals and medical facilities throughout the South Central and Midwest United States. Linen King provides a wide range of customized laundry solutions for its clients out of its six processing facilities in Midwest City, Springdale, Conway, Columbia, Wichita, and Memphis.
For additional information, visit http://www.thelinenking.com/
About Seaport Capital
Founded in 1997, Seaport Capital is a lower middle market buyout firm that invests in communication infrastructure and services, business and information services and media companies (the “Focus Sectors”). Seaport’s senior investment team has over 100 years of combined experience investing in the Focus Sectors, and the team has worked collectively for over 15 years. Seaport typically invests $10 to $30 million of equity capital in companies generating EBITDA between $3 and $15 million, with the goal of maximizing the return on invested capital.
Seaport’s substantial industry expertise and investing experience enable it to develop successful strategies; its relationships and team help achieve them. Nearly all of Seaport’s platform investments have been owned by founders or entrepreneurs seeking a collaborative institutional partner to provide the financial and operational resources to grow their businesses and execute on a successful strategic plan.
For additional information, visit www.seaportcapital.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20200107005991/en/
CONTACT: Kathleen Holohan
Investor Relations Associate
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK OKLAHOMA
INDUSTRY KEYWORD: OTHER PROFESSIONAL SERVICES MEDICAL SUPPLIES FINANCE GENERAL HEALTH HEALTH BANKING SMALL BUSINESS PROFESSIONAL SERVICES
SOURCE: Seaport Capital
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PUB: 01/07/2020 02:15 PM/DISC: 01/07/2020 02:15 PM