Key Takeaways
- Northleaf Capital Partners, AVALT acquired EQT Group.
- Sector: Industrials.
- Geography: Canada, United States.
Analysis
July 15, 2025 – Toronto/Boston – Northleaf Capital Partners and AVALT have signed definitive agreements to acquire WASH Multifamily Holdings Inc., a North American leader in route-based laundry infrastructure, from EQT. The transaction is expected to close in Q3 2025, pending regulatory approval.
WASH CEO Jim Gimeson welcomed the partnership, emphasizing the company’s continued investment in customer service and technology. Northleaf’s Jared Waldron and Paul Gill noted WASH’s recurring revenue model, inflation protection, and resilient cash flows. AVALT’s Marko Kivisto and Chirag Malkani highlighted plans to accelerate digitization and operational expansion.
Founded in 1947, WASH serves over 80,000 locations and more than 4.5 million weekly users, operating through 34 branches in the U.S. and Canada. With 660,000 machines installed, it is one of the largest infrastructure providers of shared laundry services for apartments and universities.
This transaction is consistent with other recent deals in the essential infrastructure and service-based sectors. In 2024, Brookfield Infrastructure acquired HomeServe, a U.K.-based residential utility repair services business, in a $4.7 billion deal that underscored the demand for non-cyclical, route-based essential services with stable revenues.
Similarly, Antin Infrastructure Partners purchased U.S.-based Optima Energy Solutions in early 2025, aiming to consolidate fragmented operators in the residential and commercial HVAC service space. That deal echoed the trend of private equity firms focusing on asset-light, recurring-revenue infrastructure models.
Another comparable transaction was the acquisition of Divisions Maintenance Group by Harvest Partners in 2023. Like WASH, DMG provides outsourced maintenance infrastructure to large property managers and landlords across North America, built on multi-year service contracts and technology-driven field operations.
WASH’s acquisition by Northleaf and AVALT reflects ongoing investor appetite for low-volatility, route-based service businesses that align with infrastructure characteristics such as long-term contracts, inflation-linked pricing, and essential utility-like functions. These investments offer defensiveness, strong cash flow, and a platform for digital transformation.
Advisors for the deal include BofA Securities and Rothschild & Co for WASH, with legal support from Weil, Gotshal & Manges LLP. TD Securities advised Northleaf and AVALT and also provided committed debt financing. Legal counsel for the buyers was Kirkland & Ellis LLP.