Carousel Capital Completes Exit of Caldwell & Gregory

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December 6, 2018 – Carousel Capital announced that it has successfully exited its investment in Caldwell & Gregory (“C&G” or “the Company”), a leading provider of turnkey laundry facility management services for customers in the university and multifamily housing markets. Incline Equity Partners (“Incline”), a Pittsburgh-based lower middle-market private equity firm, will partner with the Company moving forward. This is Incline’s second partnership with C&G, and Carousel Capital, C&G’s owner since 2013, will remain a minority investor in the company.

 

During Carousel’s partnership over the past five years, C&G expanded its footprint to 23 states and the District of Columbia and accelerated the growth of its installed base of laundry machines to over 50,000.  Based in Manakin-Sabot, VA, C&G has produced 27 consecutive years of uninterrupted growth and has become a market leader in turnkey laundry management services.  In addition to state-of-the-art equipment and industry-leading service, C&G also provides user benefits such as machine activation by smart phone and electronic payment options. These benefits dramatically increase user satisfaction and solidify recurring revenues.

 

“We are very pleased with our investment in C&G and are grateful for our partnership with Founder John Gregory, CEO Bob Dinnie and the entire C&G management team,” said Charles Grigg, a Managing Partner of Carousel Capital.  “Their leadership led to great performance and a successful outcome for all. Carousel Capital wishes C&G and Incline Equity Partners continued success and we are thrilled to continue as investors in the Company.”

 

Bob Dinnie, CEO of C&G, added, “We are incredibly appreciative of our partnership with Carousel Capital over the past five years.  They have provided invaluable strategic guidance as we evaluated and pursued new growth initiatives for the Company and we have achieved record performance as a result.  We are also thankful for their ongoing trust in us, which allowed our management team to continue to provide our clients the unparalleled customer service that has been the hallmark of our success.”

 

Fidus Partners acted as financial advisor and McGuireWoods acted as legal advisor to C&G and Carousel Capital on the transaction.