LOS ANGELES — Private investment firm Carlin Capital Partners (CCP) has acquired Consolidated Laundry Machinery Co. (CLM) from its president and founder, Leonard Bernstein, CCP announced May 17. Terms of the transaction were not disclosed.
CLM is a manufacturer of industrial-grade dryers and related finishing equipment, primarily serving the textile services industry. It was founded in 1962.
“We are excited to be able to give CLM the resources it needs to achieve meaningful growth and better serve its customers,” says Jason Farber, principal of CCP. “CLM already has an excellent reputation for the quality and efficiency of its products and we want to build upon that reputation to provide even better products and customer service.”
Carolyn Landsperg, vice president and general manager and an 18-year CLM veteran, succeeds Bernstein as the company’s most senior executive. Bernstein is retiring but will remain with CLM as a consultant.
“CCP brings a level of financial resources, experience and strategic vision that, when coupled with our existing strengths in product design and support, will make us a truly first-class, customer-focused organization,” Landsperg says. “I am excited about the next chapter in CLM’s life.”
David Smith, who has more than 25 years of laundry industry experience, has joined CLM as its new director of sales. He previously worked for Washex and Challenge Industries.
CCP focuses on acquiring or making control-oriented investments in established small and micro-market businesses with the potential for meaningful growth, the firm says. It works closely with management, leveraging its experience and expertise in operations, finance, and mergers and acquisitions to help position a business for long-term success.