HLSG Acquired by The Sterling Group

The Sterling Group, a private-equity firm based in Houston, announced the acquisition of Healthcare Linen Services Group (HLSG), St. Charles, IL, from York Capital Management’s private-equity group.

Founded in 2009, HLSG provides laundry and rental services to a diversified base of healthcare customers. The company operates 23 facilities across 13 states, primarily located in the Midwestern and Central U.S. HLSG has a total of six regional brands under its umbrella.

“I would like to thank the team at York Private Equity for their collaboration and guidance over the last four years,” said Joe LaPorta, CEO of HLSG. “The HLSG team is thrilled to partner with The Sterling Group as we enter our next phase of growth. Sterling’s experience scaling essential, mission-critical services businesses, commitment to employee ownership and hands-on approach make the firm an ideal partner as we seek to expand our footprint and continue our mission of providing reliable, high-quality laundry and rental services to our valued customers.”

Stephens Inc. acted as financial adviser, Latham & Watkins LLP acted as legal adviser, and Weil, Gotshal & Manges LLP acted as financing counsel to The Sterling Group. BofA Securities acted as lead financial adviser; Cain Brothers, a division of KeyBanc Capital Markets, acted as co-financial advisers; and Sidley Austin LLP acted as legal adviser to HLSG.

Sterling currently has approximately $9 billion of assets under management. For further information, visit www.sterling-group.com. For additional information about HLSG, visit www.healthcarelinensg.com.