Calera Closes $750M Single-Asset Continuation Fund Backed by Goldman, Others

Middle-market buyout firm Calera Capital has raised roughly $750 million for a new single-asset continuation fund to take on ImageFIRST Healthcare Laundry Specialists from its Fund V portfolio.

Calera bought into the linen, laundry and hygiene services provider in 2018, a year after raising $555 million for its fifth flagship fund.

Goldman Sachs, Blackstone Strategic Partners, TPG and Portfolio Advisors are anchoring the new fund, while Calera made a new equity commitment from its latest fund.

Calera said the continuation fund would “provide substantial additional capital to support the continued execution of ImageFIRST’s core organic growth strategy, facilitate expansion into new healthcare markets and adjacent services, and continue the development of the Company’s internal infrastructure”.

ImageFIRST has grown its pro forma EBITDA about five-fold since it was bought by Calera five years ago.

San Francisco-based Calera’s continuation fund is the latest in health-care related funds that have closed in recent weeks. Charterhouse Capital Partners closed a single-asset continuation fund in May involving specialty pharmaceutical group SERB backed by Goldman Sachs, CPP Investments and Hamilton Lane.