Calera Capital Closes $750 Million Single-Asset Continuation Fund for ImageFIRST

Continuation Fund Provides Incremental Capital to Accelerate Growth and Support Future M&A

SAN FRANCISCO & BOSTON–(BUSINESS WIRE)–Calera Capital (“Calera”), a leading middle-market private equity investment firm, today announced the successful closing of Calera Capital Image Holdings, L.P., a new single-asset continuation fund of approximately $750 million. The fund closed in connection with Calera’s sale of portfolio company ImageFIRST Healthcare Laundry Specialists (“ImageFIRST” or the “Company”), the largest national provider of linen, laundry, and safety and hygiene services for the healthcare industry, by Calera Capital Partners V, L.P. (“Fund V”) and other investors.

Managed by Calera, the continuation fund is supported by new and returning limited partners and anchored by funds managed by Goldman Sachs Asset Management, Blackstone Strategic Partners, TPG GP Solutions, and Portfolio Advisors. Calera and the ImageFIRST management team rolled significant sale proceeds into the continuation fund and Calera made a new equity commitment from its latest flagship fund as part of the transaction. The continuation fund transaction will provide substantial additional capital to support the continued execution of ImageFIRST’s core organic growth strategy, facilitate expansion into new healthcare markets and adjacent services, and continue the development of the Company’s internal infrastructure.

Since Calera’s initial investment in 2018, ImageFIRST has grown pro forma EBITDA by approximately five-fold through both organic and inorganic growth. Under the leadership of President and CEO Jim Cashman, the Company’s growth strategy has focused on providing the highest levels of customer service while expanding via a combination of organic growth, geographic market expansion, and strategic add-on transactions, with 25 acquisitions completed since 2018. ImageFIRST now serves more than 25,000 locations, with an annual customer retention rate of over 95%.

“ImageFIRST is a clear market leader in the specialty and outpatient healthcare laundry market,” said Ethan Thurow, Managing Director at Calera. “We are excited to continue to support the ImageFIRST team as they continue to grow and develop the business. Together, Calera and ImageFIRST share a vision to build on the company’s significant existing market strengths and momentum and expand ImageFIRST into a true multi-service, broad-based healthcare facilities services provider.”

“ImageFIRST provides important services to a national community of healthcare providers and patients that continues to grow and evolve its needs,” said Jenna Shen, Managing Director at Goldman Sachs Asset Management. “We look forward to our partnership with Calera and ImageFIRST, and we are excited to have the opportunity to support the Company’s ambitious growth objectives.”

Jefferies LLC served as sole financial advisor and Simpson Thacher & Bartlett LLP served as legal counsel to Calera, and Baker & McKenzie LLP provided legal counsel to ImageFIRST. Fried, Frank, Harris, Shriver & Jacobson LLP provided legal counsel to Goldman Sachs Asset Management, Debevoise & Plimpton LLP provided legal counsel to TPG GP Solutions, and Proskauer Rose LLP provided legal counsel to Blackstone Strategic Partners and Portfolio Advisors.

About ImageFIRST

Founded in 1967, ImageFIRST® is the largest and fastest-growing national linen rental and laundry service specializing in the healthcare market. ImageFIRST serves medical facilities nationwide providing linen, patient gowns, scrubs, safety & hygiene programs, and more while managing their clients’ linen inventory for cost management. With a customer retention rate of over 95%, ImageFIRST is dedicated to improving staff and patient satisfaction through their quality linen and remarkable service. As leaders in infection prevention, they own and operate the most HLAC-accredited facilities in the industry. For more information, visit

About Calera Capital

Founded in 1991, Calera Capital is a private investment firm which has invested over $4.0 billion. With offices in San Francisco and Boston, Calera focuses on partnering with founders and management teams to drive significant value creation in their businesses, primarily in two industry sectors: Business Services and Specialty Industrials. Calera Capital makes substantial equity investments in middle-market businesses and works closely in support of management to build long-term sustainable value through the implementation of strategic and operating initiatives. For more information, visit


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