Simpson Thacher represented Calera Capital (“Calera”) in connection with the successful closing of Calera Capital Image Holdings, L.P. (the “Continuation Fund”), a new single-asset continuation fund of approximately $750 million. The fund closed in connection with Calera’s sale of portfolio company ImageFIRST Healthcare Laundry Specialists (“ImageFIRST”) by Calera Capital Partners V, L.P. and other investors. Managed by Calera, the Continuation Fund is supported by new and returning limited partners and anchored by funds managed by Goldman Sachs Asset Management, Blackstone Strategic Partners, TPG GP Solutions and Portfolio Advisors.
Calera and the ImageFIRST management team rolled significant sale proceeds into the Continuation Fund and Calera made a new equity commitment from its latest flagship fund as part of the transaction. The Continuation Fund transaction will provide substantial additional capital to support the continued execution of ImageFIRST’s organic growth strategy, facilitate expansion into new healthcare markets and adjacent services, and continue the development of its internal infrastructure.
ImageFIRST is the largest and fastest-growing national provider of linen rental and laundry service specializing in the healthcare market. ImageFIRST serves medical facilities nationwide providing linen, patient gowns, scrubs, safety & hygiene programs, and more while managing their clients’ linen inventory for cost management.
Calera is a private investment firm which has invested over $4.0 billion. Calera focuses on partnering with founders and management teams to drive significant value creation in their businesses, primarily in the Business Services and Specialty Industrials sectors.
The Simpson Thacher team includes Patrick Naughton and Aseda Ghartey-Tagoe (M&A); Jonathan Karen, Rony Rothken, Sage Hughes, Demetrius Baefsky, and Katie Lunt (Funds); Andrew Purcell, Andrew Mandelbaum, and Emma Wang (Tax); Kelly Karapetyan and James Goldfeier (Antitrust); and Jeanne Annarumma and Alexander Kharash (ERISA). Lauren King (Fund Transactions) and Laurence Moss (Executive Compensation and Employee Benefits) provided valuable assistance.