NEW YORK — Healthcare textile service provider Unitex Textile Services LLC and CVC, a global investment firm, have entered into a strategic partnership to support Unitex’s continued growth and long-term development.
CVC, through its long-duration investment platform Strategic Opportunities, will invest in Unitex alongside the Potack family, who will continue to own a significant stake in the business and lead Unitex going forward.
Details of the partnership were not disclosed. The transaction marks the first outside equity investment in Unitex’s 100-year-plus history.
Following completion of the transaction, StratOps III will work closely with the Potack family — including Chairman Michael, CEO Robert and President David — and the broader management team to support the company’s next phase of growth through continued investment in operational excellence, commercial initiatives, digital capabilities, greenfield expansion, and strategic acquisitions.
“For more than a century, our family has been committed to building a business defined by exceptional customer service, operational excellence, and an unwavering focus on supporting healthcare providers,” shares Robert Potack.
“As we considered the next stage of Unitex’s evolution, it was important to find a partner who shares our long-term vision, values, and commitment to our people and customers. CVC stood out thanks to the time they invested in understanding our business and culture, and we are excited to work together to build on the strong foundation we have created."
David Potack adds, “This partnership will enable us to accelerate many of the strategic initiatives we have already begun across our operations, technology platform and customer offering, while remaining true to the principles that have made Unitex the trusted partner it is today.
“We look forward to working alongside CVC to continue delivering best-in-class service for our customers while pursuing attractive opportunities to expand our business organically and potentially also through acquisition.”
Founded in 1922 and headquartered in Elmsford, New York, Unitex is a provider of outsourced healthcare textile management services in the Northeast United States.
The company provides essential linen rental, laundry processing, and textile management services to hospitals, outpatient facilities, and nursing homes through a highly automated network of processing facilities.
Unitex serves more than 5,000 healthcare facilities across the region and has established a market-leading position through its scale, route density, operational excellence, and longstanding customer relationships, CVC says.
“CVC Strategic Opportunities strives to partner with exceptional businesses that combine strong market positions, resilient end markets and significant long-term growth potential. Unitex exemplifies this approach,” says Matt Turner, partner at CVC. “Over more than a century, the Potack family and management team have built the clear leader in outsourced healthcare textile management across the Northeast United States, providing an essential service to healthcare providers every day.
“We have followed the sector for several years and developed tremendous respect for Unitex’s operational excellence, customer relationships, and culture. We are delighted to partner with Michael, Robert, David and the wider team to support the company’s continued growth and long-term success.”
Stephens Inc. and Citizens Financial Group served as financial advisers, and White & Case LLP served as legal counsel to CVC. J.P. Morgan Securities LLC served as exclusive financial adviser and McDermott Will & Schulte LLP served as legal counsel to Unitex.
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