CVC Capital Partners plc has invested in family-owned Unitex Textile Services LLC, a provider of outsourced healthcare textile management services.

CVC and Unitex didn’t disclose the financial terms of the investment in a Thursday, Sept. 3, statement.

The Deal reported in May that Elmsford, N.Y.-based Unitex, formerly known as Unitex Healthcare Laundry Services Inc., had retained JPMorgan Chase & Co. to explore a potential sale or investment.

Unitex generates between $70 million and $75 million of Ebitda, The Deal reported, adding that conversations began earlier this spring and that the business could nab a mid-teens Ebitda multiple, valuing Unitex at between $800 million and $1 billion.

The transaction, which marks Unitex’s first outside equity, will see CVC’s Strategic Opportunities platform invest in the company alongside the Potack family, who will retain a significant stake in the business. CVC said it will work closely with the family and the broader management team to support the company’s next phase of growth through continued investment in operational excellence, commercial initiatives, digital capabilities, expansion and strategic acquisitions.

Launched in 1922 by Max Potack as A&P Coat & Apron and Linen Supply, Unitex provides medical linen and uniform rental and laundry services as well as healthcare facility management services. The company services clients such as acute care facilities, long-term care facilities, ambulatory surgical centers and physician and dental practices in the Northeast U.S.

Unitex has 13 locations across New York, New Jersey, Massachussetts and Connecticut for healthcare bulk processing, specialty services processing and healthcare uniform processing.

Unitex has also acquired several businesses, including Lawrence, Mass.-based United Linen Service in 2020 and Pennsylvania-based Medi-Clean Healthcare Laundry Service LLC in 2018.

Luxembourg-based CVC oversees four private equity strategies for Europe, the U.S., South America and Asia, strategic opportunities and growth. It raised €26 billion for CVC Capital Partners IX in 2023.

Partner Matthew Turner was on the deal at CVC, which looked to Stephens Inc. and Citizens Financial Group Inc. for financial advice. White & Case LLP provided counsel.

Unitex used a McDermott Will & Schulte LLP team led by Frank P. Steinherr, Scott Regan and Ana A. Hubert as counsel. CEO Robert Potack and president David Potack worked on the deal internally.

Jesse K. Sheff, Erika L. Weinberg, Preeta Paragash and Katherine J. Page led a Latham & Watkins LLP team that was counsel to Apollo Global Inc. (APO) and other arrangers and lenders of the acquisition financing.