Up To Date Laundry Gets Additional Capital Infusion

Arctaris Impact Investors LLC recently announced a follow-on growth equity investment in Up To Date Laundry. The investment in Up To Date is part of the Arctaris Baltimore Program, a $25-million commitment to invest in Baltimore’s underserved neighborhoods, created in partnership with The Abell Foundation and Neighborhood Impact Investment Fund and with support from Erie Insurance through its investment in the Arctaris Opportunity Zone Funds, according to a news release.

In March 2021, Arctaris made an initial investment in Up To Date to aid the company’s continued growth and expansion. Now, this additional growth equity investment from Arctaris will fund projects such as increased automation at Up To Date’s main laundry facility on Desoto Road, multiple energy efficiency improvements and the ability to purchase linens for new linen rental customers. These upgrades will allow Up To Date to create additional highly skilled jobs, improve production efficiencies and reduce overall energy consumption.

Up To Date is a long-standing business in Baltimore and is a significant driver of sustainable job creation, paying above market wages and benefits. Located in an economically distressed neighborhood with a 15.9% unemployment rate, the company has a diverse base of more than 200 full-time employees, as well as 300-plus temporary employees. The President and CEO of Up To Date Mark Carter noted that, “Arctaris Impact Investors is a value-add financial partner who not only provides capital but supports the team, through its relationships, in the areas of business development and workforce training.”

Up To Date aims to add up to 50 jobs in Baltimore over two years. With medical laundries deemed an essential service industry during the pandemic, Up To Date provided critical services allowing its hospital clients to focus their efforts on fighting COVID and facilitate safer care for patients. Up To Date provides laundry services to healthcare providers across the mid-Atlantic, including the University of Maryland Medical System, Johns Hopkins and Einstein Medical Center.

In addition to the investments, the Arctaris Portfolio Services Group has actively worked with and advised Up To Date management in securing concessionary capital such as workforce-development grants and obtaining Property Assessed Clean Energy (PACE) financing, which upgrades current equipment to improve water utilization and reduce energy consumption. These improvements are projected to benefit not only the local water systems and the balance of aquatic life, but the anticipated reduction in greenhouse gas from energy production is 1,900MT CO2e annually. “Up To Date Laundry is a prime example of a company seeking to balance its commitment to its customers, workers and the city of Baltimore, all while not compromising the health of the nearby ecosystem,” said Anita Graham, Arctaris managing director responsible for Maryland, eastern Pennsylvania and Washington, DC.

To read the full release, click here.