The Sterling Group has announced its acquisition of Healthcare Linen Services Group (HLSG) from York Private Equity.
HLSG, founded in 2009 and based in St. Charles, Illinois, is a provider of healthcare laundry services in the Midwest and Central United States. The company operates processing plants across six regional brands that serve customers in 13 states.
Sterling, founded in 1982 and based in Houston, Texas, is a middle market private equity firm. The firm targets investments in basic manufacturing, distribution and industrial services companies with typical enterprise values of these companies at initial formation ranging from $100 million to $1 billion.
York Private Equity, launched in 2008 and based in New York, is the private investing arm of York Capital Management. The division primarily targets control investments in middle market businesses in healthcare, consumer and wellness, and business and industrial services.
Terms of the acquisition were not disclosed.