TORONTO & BOSTON — Private markets investment firm Northleaf Capital Partners reports that funds managed by it, alongside Boston-based investment firm AVALT, are acquiring WASH Multifamily Holdings Inc., the North American route-based laundry infrastructure services company.

Definitive purchase agreements have been signed and the transaction with EQT, a purpose-driven global investment organization, is expected to close in the third quarter of 2025 upon receipt of customary regulatory approvals.

Terms of the acquisition were not released.

Established in 1947, WASH provides essential common room laundry services to multifamily apartments and universities under long-term contracts. It employs approximately 1,300 employees in operating through 34 U.S. and Canadian branch locations to provide customer service to an installed base of over 660,000 machines across 80,000 locations.

More than 4.5 million people do their laundry in a WASH laundry room every week, the company says.

“We are incredibly excited to welcome our new sponsors as strategic partners in WASH’s next chapter of growth,” says WASH CEO Jim Gimeson. “Our relentless focus on customer service, alongside continued investment in technology, has positioned us as a trusted partner to property owners across North America. This partnership marks a significant step towards deepening the value we deliver to our loyal customers and associates.”

Northleaf sources, evaluates and manages private markets investments, with a focus on mid-market companies and assets.

“We are delighted to add WASH to our infrastructure portfolio, given its durable business model that has exhibited resilience through multiple market cycles, including COVID-19,” says Jared Waldron, co-head of infrastructure at Northleaf.

AVALT is a private investment firm that invests its permanent capital base in leading businesses with meaningful growth and transformation opportunities. Target industries include commercial and industrial Services, and professional and technology services.

“WASH’s industry-leading growth, customer satisfaction, and retention are a testament to the company’s commitment to high-quality service,” adds Marko Kivisto, partner and co-founder of AVALT. “We’re thrilled to partner with the WASH team and Northleaf to support the company’s end customers, property managers, and employees for many years to come.”

AVALT Vice President Chirag Malkani adds that his firm is “excited to continue to invest behind service and digitization to accelerate WASH’s success and growth.”