Seaport Capital Invests in Linen King
Seaport Capital, a New York-based private-equity firm, recently announced that it completed a strategic investment with the founders and operators of Tulsa, OK-based healthcare launderer Linen King – Leonard and LK McCullough – to support the continued growth of the company, according to a news release.
Linen King is a leading provider of outsourced laundry cleaning and management services to hospitals, health systems and healthcare clinics in the regions it serves, which include the South Central and Midwest United States. Through its network of six laundry facilities in five states, Linen King offers healthcare customers the security associated with knowing their outsourced linen needs have redundant support within the region, the release said.
“I’m looking forward to our new partnership with Seaport Capital and the exciting growth opportunities they will help us execute on for Linen King,” said Leonard McCullough, founder and CEO. “Seaport has a very successful history of helping entrepreneur-led services companies grow. They quickly understood, and demonstrated that they shared, the values our company embraces in providing not only the highest levels of service to our customers but a great place to work for our employees.”
Drew Meyers, partner at Seaport Capital, said that, “Linen King has established remarkable success throughout its history and has proven to be a leader in the healthcare laundry services sector. We are proud to support Leonard and his team as they pursue the next chapter of growth for the company both organically and through acquisitions.”
Bob Tamashunas, partner at Seaport Capital, added, “We’re excited to partner with the Linen King team. Linen King’s business model and approach of staying regionally-focused in a highly fragmented industry, maintaining long-term customer contracts, and being led by its founders aligns well with Seaport’s investing strategy.”
Stephens Inc. served as exclusive financial adviser to Linen King. Willkie Farr & Gallagher LLP served as exclusive legal advisor to Seaport Capital in the transaction.