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Antares, Calera Capital Join Forces to Acquire ImageFIRST

Posted November 2, 2018 at 11:41 am

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Antares recently announced that it served as joint lead arranger, and will act as an administrative agent, for a $138 million senior secured credit facility to support the acquisition of ImageFIRST Healthcare Laundry Specialists by Calera Capital Partners. Antares is a private debt credit manager and provider of financing solutions for middle-market private equity-backed transactions, according to a news release.

Jeff Berstein, ImageFIRST’s CEO, the Berstein family and management will retain a significant equity interest in the business. Terms of the transaction were not disclosed. Mark Williamson, Ethan Thurow, Ed Orzetti and Andrew Holmes led Calera’s investment in ImageFIRST and will join the company’s board.

“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,” Berstein said. “We are a growth-focused company built on strong values, disciplined execution, and a commitment to serving the needs of our clients and employees. We are well aligned with the Calera team in these critical areas and I look forward to a successful partnership.”

Thurow, a managing director with Calera Capital, said that, “The Antares team committed to a large hold position and delivered the financing we required with speed and certainty. We look forward to continuing to work together to support ImageFIRST’s growth, both organically and through acquisition.”

Founded in 1967 and based in King of Prussia, PA, ImageFIRST is a leading linen rental and laundry service company specializing in the healthcare market throughout the U.S.

“ImageFIRST’s strong customer-focused culture has helped to differentiate the company and establish it as an industry leader,” said Ryan Simpson, vice president with Antares. “The strength of ImageFIRST’s management team and the strategic and operational expertise of Calera will be a powerful combination that will help to propel ImageFIRST forward as they continue to execute their growth plans.”

To read the full release, click here and here.