Surge Private Equity LLC, based in Dallas, has made what’s described as a complex business and real estate transaction valued at $50 million to buy White Plains Linen/LINENS à la Carte’s tri-state area linen business and two Peekskill properties. Surge says that it focuses on partnering with owner-operator businesses in North America valued at $25 million to $500 million.
White Plains Linen is headquartered at 4 John Walsh Blvd. in Peekskill in a building covering approximately 100,000 square feet. Surge said that White Plains Linen has more than 1,000 customers. The company was founded in 1938, and has been owned by members of the Botchman family ever since. Bruce Botchman who is the president and CEO, still owns a percentage of the business and will continue to serve in a senior advisory role, according to Surge.
Debt financing for the transaction was provided by Capital Southwest Corporation. Legal counsel to the seller was Mandelbaum Barrett PC and legal counsel to the buyer was Jackson Walker LLP. The lead broker/advisor for the transaction was Michael Givner at IMG Business Advisors.
“We are excited to partner with a company as established and respected as White Plains Linen,” said Lewis Sharp, partner at Surge. “Their reputation for quality and customer loyalty aligns well with our investment strategy, and we look forward to supporting their continued growth.”
White Plains Linen says that it operates a fleet of 60 vehicles delivering more than 1 million pounds of linens every week, including more than 1.75 million napkins, 500,000 bar mops and kitchen towels, 200,000 tablecloths and 110,000 kitchen garments. It also sells various products such as disposable gloves and chef coats in addition to its rental business.
The company says that the roots of the business can be traced to the 1920’s when a member of the Botchman family was going door to door in the Greenwich area offering butler uniform rentals. Later, a butcher shop in Silver Lake in West Harrison became a customer and White Plains Coat & Apron was established, forerunner of White Plains Linen.
In an internet post, Bruce Botchman said, “As president of this family-owned business, I represent three generations of devoted service to the restaurant and hospitality industries. After many years of learning the business, in 1975, I became president and it was my goal to turn the company from a one million a year entity to a multi-million linen company.”
