NEW YORK and Tulsa, Okla. — Seaport Capital, a private equity firm based in New York, reports that it has completed a strategic investment alongside the founders and operators of Linen King, Leonard and LK McCullough, to support the continued growth of the company.
Details of the investment were not disclosed.
Linen King, based in Tulsa, Oklahoma, is a 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 says it offers healthcare customers the security associated with knowing their outsourced linen needs have redundant support within the region.
“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,” says 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.”
“Linen King has established remarkable success throughout its history and has proven to be a leader in the healthcare laundry services sector,” says Drew Meyers, partner at Seaport Capital. “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, adds, “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 advisor to Linen King. Willkie Farr & Gallagher LLP served as exclusive legal advisor to Seaport Capital.