Alliance Laundry Completes New $400 Million Asset-Backed Finance Facility
By Business Wire News
By Business Wire News
Alliance Laundry Holdings LLC (“Alliance Laundry”) today announced that they completed a new $400 million asset-backed finance facility supporting its business operations in North America and select European markets.
Alliance Laundry is an indirect subsidiary of ALH Holding Inc., a portfolio company of the Ontario Teachers’ Pension Plan managed by its private investment arm, Teachers’ Private Capital.
This is the sixth issuance completed by Alliance Laundry dating back to 1998. This facility is backed by a pool of equipment loans, leases, and trade receivables for the purchase of commercial laundry equipment. Alliance Laundry has originated over $2 billion of equipment loans since the inception of their captive finance business supporting their extensive distributor and customer network.
Mike Schoeb, Alliance Laundry’s President and CEO stated, “Financing is a key component of maintaining and growing our leading market share, specifically within our vended laundry segment in North America. This new facility will allow us to expand those services to the European market.”
Bruce Rounds, Alliance Laundry CFO stated, “We have a long track record of success financing within the commercial laundry industry. This starts with building the highest quality product in the market which gives us the confidence to invest in the financing business. When you look at market leading manufacturers with distribution networks most have captive finance businesses supporting their equipment sales. Alliance Laundry, as a market leader, continues to utilize this approach as part of our customer one strategy. We look forward to expanding our capability to support our distributors and customers with this new facility.”
About Alliance Laundry Holdings LLC
Alliance Laundry Holdings LLC is the parent company of Alliance Laundry Systems, a leading designer, manufacturer and marketer of commercial laundry equipment used in laundromats, multi-housing laundries and on-premise laundries. Under the well-known brand names of Speed Queen®, UniMac®, Huebsch®, IPSO®, Primus® and Deli®, Alliance produces a full line of commercial washing machines, dryers and ironers with load capacities ranging from 12 to 400 pounds. Certain of our commercial products are also sold in the consumer laundry marketplace. Alliance Laundry’s worldwide employment combined with Primus Group was 2,730 at the end of December 2014. With combined 2014 net revenues of $726.3 million, Alliance Laundry is the world’s leading manufacturer of commercial laundry equipment. For more information, visit www.alliancelaundry.com.
About Ontario Teachers’ Pension Plan
With C$154.5 billion in net assets as of December 31, 2014, the Ontario Teachers’ Pension Plan is the largest single-profession pension plan in Canada. An independent organization, it invests the pension fund’s assets and administers the pensions of 311,000 active and retired teachers in Ontario. For more information, visit www.otpp.com
Alliance Laundry Holdings LLC
Bruce P. Rounds, Vice President CFO