BDT Capital Partners LLC of Chicago is buying a majority stake in commercial laundry equipment-maker Alliance Laundry Systems from Ontario Teachers’ Pension Plan in a deal with undisclosed terms.

Ripon, Wisconsin-based Alliance manufactures industrial washing machines, dryers and ironers under the Speed Queen, UniMac, Huebsch and Primus brands.  Ontario Teachers’ retains a minority stake in the target.

Teachers’ Private Capital, the private equity arm of Ontario Teachers’, acquired Alliance in January 2005 from Bain Capital for $450 million.

Alliance has grown in revenue and earnings since Teachers’ acquired it and has been “a terrific investment for more than 10 years," says Teachers’ senior vice president Jane Rowe. Under Teachers’ ownership, Alliance has expanded into Europe, the Middle East and Latin America.

Morgan Stanley & Co. LLC, BMO Capital Markets Corp. and Bank of America NA are Alliance’s financial advisers, with Debevoise & Plimpton LLP serving as legal adviser. Cravath, Swaine & Moore LLP is representing BDT.

Bank of America NA and BMO Capital Markets Corp. are providing a senior secured credit facility.

In a related deal, Whirlpool Corp. (NYSE: WHR) paid about $1 billion for Fabriano, Italy-based washer and dryer maker Indesit Co. SpA (BIT: IND) in June 2014.

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