WASH Multifamily Laundry Systems LLC, a provider of laundry facilities management services, has acquired Coinamatic Canada Inc., a Mississauga, Ontario, company operating in the same industry sector. The financial terms of the transaction were not disclosed. WASH Laundry, which is based in El Segundo, Calif., is a portfolio company of Chicago-based mid-market private equity firm CHS Capital.
WASH Laundry Acquires Coinamatic Canada
Accelerates Multinational Expansion in the Multifamily Laundry Market and Additional Business Lines
EL SEGUNDO, CA—February 21, 2013 – WASH Multifamily Laundry Systems, a leading provider of laundry facilities management services, announced today that is has acquired Coinamatic Canada, Canada’s largest provider of multifamily laundry services. This transaction brings together two industry leaders, making WASH the second largest route laundry company and the only multinational laundry company in North America.
Adam Coffey, WASH president and CEO, commented, “Coinamatic brings experience in the Canadian market, key technology and commercial distribution channels complementary to our current business lines. This acquisition is an important step in executing our overall growth strategy to expand our machine base, revenue streams and geographic focus.”
Coinamatic will become a wholly owned subsidiary of WASH Laundry but maintain the brand name Coinamatic in the Canadian market. With the addition of Coinamatic’s approximately 100,000 installed washers and dryers throughout Canada, WASH’s installed base climbs to over 450,000 machines with an estimated combined revenue of $425 million. Coinamatic Canada also runs a commercial laundry division and ParkSmart, a division that manages parking facilities.
“In addition to Coinamatic’s significant laundry services, acquiring Coinamatic Canada also enables WASH to expand into the lucrative parking facilities market,” added Coffey. “Over the next year, management teams from both companies will work together to share best practices and integrate our operations on both sides of the border.”
“We, at Coinamatic, are very excited about the new opportunities that becoming a part of WASH Laundry provides. We look forwarded to leveraging our two companies’ synergies in dedication to customer service and operational efficiency,” said Sean Smith, president and CEO of Coinamatic. Founded in 1946 and based in Toronto, Coinamatic has 275 employees.
Coinamatic is the 10th acquisition that WASH has completed since Coffey became president and CEO in 2003. In the 10 years of Coffey’s leadership, WASH has made vast technological advancements and expanded operations geographically throughout the U.S. and Canada to become North America’s leading provider of laundry services to apartment, college, condo, military base and other multifamily locations.
Based in El Segundo, California, WASH is North America’s best and most trusted provider of laundry facilities management services for apartment properties, condos, college and university residence halls, military bases, and other multi-housing locations. In addition, through its subsidiary Coinamatic Canada, WASH also has a commercial laundry distributorship and ParkSmart, a division that manages parking facilities. Known for its technological advances and best-in-class customer service, WASH has led the way in enhancing laundry room operations. WASH has been named “Best Laundry Service Company in the USA” by the readers of Apartment Finance Today in every national survey they have conducted. A privately-held company founded in 1947, WASH services over 60,000 locations in the United States in Arizona, California, Hawaii, Illinois, Indiana, Michigan, Nevada, Ohio, Utah and Wisconsin, and throughout all of the provinces of Canada. It is estimated that over 4.5 million people do their weekly laundry in one of their laundry rooms. For more information, please visit WASH online at www.washlaundry.com or call 800-421-6897, ext. 1600.
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