Angelica Corp. has announced it has entered into an asset purchase agreement with an affiliate of PE firm KKR.
KKR will acquire Angelica’s assets for approximately $125 million plus certain assumed liabilities. Angelica indicated it expects to continue operating as normal throughout the process.
Angelica, based in Alpharetta, Ga., is a provider of textile rental and linen management services to the U.S. healthcare market, specifically hospitals, long-term care facilities and outpatient medical practices.
KKR (Kohlberg Kravis Roberts) was founded in 1976. Its PE platform considers investments in healthcare and all other industries. Based in New York and publicly traded under the ticker symbol KKR, the firm prefers to invest in a range of debt and public equity investing and may co-invest, seeking a controlling ownership of a company or a strategic minority positions.
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