Carousel Capital announced today that it has partnered with management to refinance Caldwell & Gregory, a leading provider of turnkey laundry facility management services. Based in Manakin-Sabot, Virginia, Caldwell & Gregory provides these services across 19 states in the Eastern United States primarily for customers in the college and university segment. The Company also has a rapidly growing presence in the multifamily housing and commercial laundry markets. Over the company’s 22 year history, its success has been built on its reputation for exceptional service to its customers. The company utilizes a multi-tiered service model that invests significant labor and capital in ensuring that its customers’ facilities are operating effectively. In addition to providing its customers with the best in class service, Caldwell & Gregory also provides other services including necessary room improvements, ventilation, debit card technology, online monitoring and continuing resident education and promotions where desirable.
“We met John Gregory five years ago and have always admired the consistent revenue growth that Caldwell & Gregory has achieved and the loyal customer relationships that they have cultivated over the years,” said, Charles S. Grigg, a Managing Partner of Carousel Capital. “We are excited about the opportunities in the future for the company and are looking forward to working with their management team.”
“Carousel Capital represents an excellent fit for our company as a new capital partner during this chapter in our development and ensures the continuity in the leadership at C&G,” said John Gregory, Chairman of Caldwell & Gregory. Bob Dinnie, President and CEO of Caldwell & Gregory added: “We are excited about the relationships that Carousel Capital can bring to assist us with our growth plan and are looking forward to our partnership with them. The capital provided in this transaction strengthens the Company’s financial position and will provide support for C&G’s continued success.”
In addition to capital provided by Carousel and management, the transaction was funded with financing provided by Madison Capital Funding, Fidus Investment Corporation, GE Antares and TIAA.
Carousel Capital is a private investment firm that invests in companies located in the Southeastern United States. Carousel’s investor base includes institutional investors and an elite group of more than 100 current and former CEOs with significant operating experience. Since its inception, Carousel has invested in 30 companies primarily in three targeted growth sectors: business services; consumer products and services; and healthcare services.