Sterling Linen Services in Manchester, N.H. has offered exceptional commercial laundry services to hotels and hospitals for decades. As its list of customers continued to expand, the company needed additional equipment and employees.
Sterling’s banking partner wanted to help, but the company had too many bank loans, and had pledged all its collateral to get them. Their bank couldn’t go any further.
Why VFG made this investment
Sterling had a long record of strong results, and many of its bank loans would be fully repaid within the next year. Those payoffs would free up collateral, and VFG was comfortable that the management team would continue to grow the company until that time, and beyond.
Since VFG’s investment in 2011, Sterling Linen Services expanded and created many additional jobs. It also put the company on solid financial footing, allowing for a merger with a large competitor, Kleen Inc. of Lebanon, N.H. This merger allowed Kleen and Sterling to expand further in their respective markets, and create a larger, multi-plant, commercial laundry operation.
Sterling Linen website