Ecotex Acquires Booth Centennial
Ecotex Healthcare Linen Service Inc. and Fengate Capital Management recently announced that they have entered into a definitive agreement to acquire Booth Centennial Healthcare Linen Services, the largest single-site healthcare laundry facility in Canada, which processes more than 35 million kgs. (78 million lbs.) of linen per year. Booth is a not-for-profit linen and laundry service provider located in the greater Toronto area that is owned by 22 member hospitals and healthcare institutions. As part of the transaction, Ecotex and Fengate will enter into long-term service agreements with the members of Booth.
“We have reached a breakthrough agreement with Booth, one of the most respected healthcare laundry and linen service providers in North America,” said Randy Bartsch, president and CEO of Ecotex. “Using smarter linen solutions we will help members and customers continue to provide a safe, comfortable environment for patient care while guaranteeing cost and service quality.”
Lou Serafini Jr., president and CEO of Fengate added that, “We are very excited to develop long-term partnerships with the member hospitals and to work with our partner, Ecotex, to continue providing this essential service.”
Michael Papadakis, CEO of Booth, said that, “This is the right long-term partnership for our Booth members as it delivers long-term value, stability and certainty. It allows hospitals and healthcare organizations to focus on delivering healthcare and providing the best patient care and experience. I have worked with the Board of Directors throughout this process and am very pleased that we have an agreement to take to our 22 members.”
The transaction has been unanimously approved by the Board of Directors of Booth, and is subject to approval by the members of Booth. Ecotex and Fengate anticipate assuming ownership of Booth in June 2016.