TORONTO, Sept. 23, 2016 /CNW/ - Subsequent to an initial announcement made on March 1, 2016, Ecotex Service Corporation ("Ecotex") in partnership with Fengate Capital Management ("Fengate"), on behalf of the investment funds under its management, are pleased to announce that they have completed the purchase of Booth Centennial Healthcare Linen Services ("Booth"). Booth is the largest single-site healthcare laundry facility in North America, which processes more than 35 million kilograms (78 million pounds) of medical linens annually. Located in Mississauga, Booth is the market leader for healthcare linen, laundry and surgical sterilization services to hospitals and long-term care facilities in Ontario.
"Our Board of Directors has worked hard to create a partnership with Ecotex and Fengate that delivers long-term value, stability and certainty for our stakeholders," said Justine Jackson, Board Chair of Booth, adding, "and our hospitals can focus on providing our patients with the best patient care experience."
On August 30, 2016 the member-owners of Booth approved the sale. Booth was formerly a not-for-profit linen and laundry service provider owned by 22 member hospitals located in the Greater Toronto Area.
"We are excited to bring a fresh perspective to the Ontario market," said Randy Bartsch, Chief Executive Officer for Ecotex, adding "Our new and smarter linen solutions will help our customers provide a safe, comfortable environment for patient care while we ensure cost and service quality."
Lou Serafini Jr., President and CEO of Fengate added, "Together with our industry partner, Ecotex, we are committed to a long-term partnership with our customers and the members of Booth to provide this essential service."
Now an Ecotex/Fengate company, Booth Centennial Healthcare Linen Services remains focused on the healthcare market and is the largest provider of linen, laundry and surgical sterilization services to hospitals and long-term care facilities in Ontario. Servicing more than 100 customer sites, Booth is the only healthcare laundry in Ontario to be certified as Hygienically Clean© from the Textile Rental Services Association (TRSA), and accredited by the Healthcare Laundry Accreditation Committee©, (HLAC), as well as ISO 13485 certified for Medical Devices both as a Manufacturer and a Distributor.
Ecotex Healthcare Linen Service is a Canadian based provider of healthcare laundry and linen services to hospitals, sub-acute and medical facilities in Canada and the United States. Ecotex is the largest privately owned healthcare linen service company in Canada offering a comprehensive range of general linen and operating room linen processing solutions, management and distribution services to hospitals, medical clinics and other commercial accounts. Ecotex is a privately held corporation with offices in Vancouver, BC, and Seattle, WA. For more information, please visit www.ecotex.ca.
Fengate Capital Management is a leading alternative asset management firm specializing in the management of investment funds on behalf of Canadian and international pension funds. Fengate has $2.4 billion in capital under management with expertise in infrastructure, real estate and private equity. With significant experience in public-private partnerships, independent power projects and real estate developments, Fengate targets high quality, long-term investments across North America and select international markets. For more information, please visit www.fengate.com.
SOURCE Fengate Capital Management
Image with caption: "Ecotex Service Corporation (CNW Group/Fengate Capital Management)". Image available at: http://photos.newswire.ca/images/download/20160923_C6296_PHOTO_EN_780667.jpg
Image with caption: "Fengate Capital Management Ltd. (CNW Group/Fengate Capital Management)". Image available at: http://photos.newswire.ca/images/download/20160923_C6296_PHOTO_EN_780668.jpg
For further information: Courtney Ihnat, Marketing Manager, Fengate Capital Management, [email protected]