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ImageFIRST Gains Capital to Facilitate Growth

$750 million continuation fund provides incremental backing to accelerate, support development

SAN FRANCISCO and BOSTON —Calera Capital, a middle-market private equity investment firm, reports the successful closing of Calera Capital Image Holdings, L.P., 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, a national provider of linen, laundry, and safety and hygiene services for the healthcare industry, 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 core organic growth strategy, facilitate expansion into new healthcare markets and adjacent services, and continue the development of the company’s internal infrastructure.

Since Calera’s initial investment in 2018, ImageFIRST has grown pro forma EBITDA by approximately five-fold through both organic and inorganic growth. 

Under the leadership of President and CEO Jim Cashman, the company’s growth strategy has focused on providing the highest levels of customer service while expanding via a combination of organic growth, geographic market expansion, and strategic add-on transactions, with 25 acquisitions completed since 2018. 

ImageFIRST now serves more than 25,000 locations, with an annual customer retention rate of over 95%.

“ImageFIRST is a clear market leader in the specialty and outpatient healthcare laundry market,” says Ethan Thurow, managing director at Calera. “We are excited to continue to support the ImageFIRST team as they continue to grow and develop the business. 

“Together, Calera and ImageFIRST share a vision to build on the company’s significant existing market strengths and momentum and expand ImageFIRST into a true multi-service, broad-based healthcare facilities services provider.”

“ImageFIRST provides important services to a national community of healthcare providers and patients that continues to grow and evolve its needs,” says Jenna Shen, managing director at Goldman Sachs Asset Management. 

“We look forward to our partnership with Calera and ImageFIRST, and we are excited to have the opportunity to support the company’s ambitious growth objectives.”

Jefferies LLC served as sole financial advisor and Simpson Thacher & Bartlett LLP served as legal counsel to Calera, and Baker & McKenzie LLP provided legal counsel to ImageFIRST. 

Fried, Frank, Harris, Shriver & Jacobson LLP provided legal counsel to Goldman Sachs Asset Management, Debevoise & Plimpton LLP provided legal counsel to TPG GP Solutions, and Proskauer Rose LLP provided legal counsel to Blackstone Strategic Partners and Portfolio Advisors.


ImageFIRST Acquires Island Fox Inc. d/b/a Health Wear of WNY, Feb. 1, 2023

First Plant in Tennessee for ImageFIRST, Sept. 19, 2022

ImageFIRST Acquires United Linen & Uniform Services, May 26, 2022

ImageFIRST Gains Capital to Facilitate Growth

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