WASH is a leading North American route-based infrastructure services company and is the largest Canadian and 2nd largest US provider of route-based laundry services to multifamily apartments and universities.
The Company operates an infrastructure network across 34 branches, with approximately 635,000 installed machines and 82,000 customer locations.
Through operations in 30 states and all Canadian provinces, WASH provides essential laundry services to primarily multifamily apartments and universities under long-term contracts. The Company installs, owns, and maintains laundry machines in common-area laundry rooms. Once installed, WASH also collects digital and curency payments from the machines on behalf of property owners. The Company utilizes sophisticated routing technology to manage a service technician fleet of approximately 600 technology-enabled vehicles to provide high quality services to their customers, who have an average tenure of more than 20 years and a >97% retention rate. The Company is headquartered in Torrance, California, USA.
Market trends and drivers
The outsourced laundry services industry is a fragmented market with two national competitors including WASH. WASH is the #1 market leader in 90% of the markets in which it operates, including Canada and California, and is recognized for providing a high-quality service to its customers. WASH serves multifamily and university customers who currently outsource management of their laundry rooms, with additional opportunity to convert owner-operated locations. The industry is characterized by recession resilience given its essential service nature, consistent price increases supported by inelastic consumer behavior, and a stable outlook for the broader multifamily housing market.
The Company has a history of consistent organic growth and has successfully integrated over a dozen acquisitions under EQT ownership. The value creation plan focuses on organic growth through further penetration of customers within existing and new markets, continued vend increase optimization, furthering the shift to coinless payments, and executing additional accretive acquisitions given the fragmented nature of the industry.
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