Private equity firm Gryphon Investors has invested in Washing Systems LLC, a chemical provider for the laundry industry.
Washing Systems, headquartered in Loveland, Ohio, provides chemicals and technical services to the commercial laundry processing industry, which includes uniform rental and linen supply cleaning companies. Terms of Gryphon's recapitalization investment were not disclosed.
The deal should allow the business to grow into the health care and hospitality laundry markets, plus make acquisitions.
San Francisco-based Gryphon has about $1.8 billion in equity commitments, and generally invests between $35 million to $50 million in portfolio companies. The firm's recent investments include the Original Cakerie, which makes frozen cakes, and OneSmile LLC, a dental services group.
Lincoln International acted as Washing Systems' financial adviser, and Katz Teller LLP was legal counsel. Katten Muchin Rosenman LLP provided legal advice to Gryphon.
In August, BDT Capital Partners LLC also announced a laundry-related deal – saying it would pick up a majority stake in commercial laundry equipment-maker Alliance Laundry Systems.