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Dresner Partners Advises Consortium of Chicago Hospitals in Their Sale of Hospital Laundry Services Assets to New Entities Created by Blue Wolf
FOR IMMEDIATE RELEASE
DRESNER PARTNERS ADVISES CONSORTIUM OF CHICAGO HOSPITALS IN THEIR SALE OF HOSPITAL LAUNDRY SERVICES ASSETS TO NEW ENTITIES CREATED BY BLUE WOLF
CHICAGO – December 2, 2008 – Dresner Partners, a Chicago-based middle market investment bank and IMAP member firm, announced today that it served as the exclusive financial advisor to Hospital Laundry Services (HLS) in the sale of its assets to entities formed by Blue Wolf Capital Fund II, L.P. Management will remain in place as part of the transaction. Bell, Boyd & Lloyd LLP acted as legal advisor to HLS. Specific terms of the transaction were not disclosed.
Founded in 1973 to perform laundry and linen services on a cooperative basis for not-for-profit hospitals, HLS is the leading provider of outsourced linen management services to the Chicago-area healthcare industry. The Company has developed a comprehensive service offering that allows healthcare providers to outsource some or all of their linen management needs.
Gary Krugel, Chairman of the HLS Board commented, “The Dresner team recognized the benefits to the owners of divesting a non-core asset while continuing high quality linen service to each hospital. I truly appreciate their availability, responsiveness and guidance in reaching the desired outcome. We are extremely pleased with the results of this transaction. I’d like to thank our healthcare team including Joe Thomas who worked tirelessly to complete the transaction.”
According to Steven M. Dresner, President of Dresner Partners, “This transaction represents a victory for all the constituencies including the hospital groups that divested their ownership interest in HLS and Blue Wolf, who acquired an excellent asset that they will continue to grow.”
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