Case Study: Confluence Healthcare Partners (CHP) Partners With Timothy Groth MD PC
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“We look forward to working alongside the Cadillac team to help enable them to do their very best work and maximally serve our customers.”
Ian Reynolds, Managing Partner, Thesis Capital Partners
Axial Members
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| Member Type | Independent Sponsor | Investment Bank |
| Axial Member Since | 2023 | 2014 |
| Headquarters | Houston, TX | Birmingham, MI |
| Axial Closed Deals | 1 | 2 |
| Axial Profile | View Profile | View Profile |
Acquired Business
Location: Bayamón, Puerto Rico
Description: Founded by Norman Shulevitz in Detroit, Michigan in 1925, today Cadillac Services is the leading uniform rental and laundry service provider in Puerto Rico. Cadillac serves a wide variety of customers, including specialized offerings for the healthcare & pharmaceutical industries, and has a processing capacity of more than 1,000,000 lbs per week.
Reason for Transaction: Owner was looking for a partner to help grow the business.
Thesis Capital Partners, formed in 2017, is a 18-person investment partnership based in Houston, TX. The firm focuses on investing in U.S.-based, family-owned companies earning between $3M – $25M per year and raises capital on a deal-by-deal basis.
In July of 2023, shortly after completing its third platform investment, Thesis joined Axial to supplement its deal sourcing efforts. Just three months later, Thesis identified and pursued Cadillac Services, which was being marketed as a “Market Leading Textile and Laundry Service Provider” by sell-side member Alex Blitstein of FINNEA Group. FINNEA has been an Axial member since 2014.
Thesis was initially attracted to the Cadillac opportunity because of the business’ strong reputation in its geography. After signing an LOI in the first half of 2024, the transaction teams went through a comprehensive diligence period over the following months, ultimately closing the deal in December 2024.
Deal Data
| Sector | Business Services |
| Sub-Sector | Laundry Services |
| Location | South Atlantic |
| Recommended Buyers | 71 |
| Buyers That Received The Deal | 66 |
| Buyers That Pursued The Deal | 16 |
| Pursuit Rate | 24.24% |
| Pursuits By Firm Type | |
| Independent Sponor | 7 |
| Search Fund | 4 |
| Family Office | 2 |
| Private Equity | 2 |
| Holding Company | 1 |
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