PureStar Acquires Certain Assets of Apex Linen

Acquisition Expands Position in Las Vegas Hospitality Market

LAS VEGAS, Nov. 17, 2022 /PRNewswire/ -- PureStar (the "Company"), North America's foremost provider of laundry services and linen management to the hospitality industry backed by private equity firm Cornell Capital, today announced that it has acquired certain assets of Apex Linen ("Apex"), a leading provider of high-volume, commercial laundry and dry cleaning services to the hospitality and restaurant industries in the greater Las Vegas area.

Apex operates an approximately 90,000-square-foot facility, strategically located near Las Vegas's core lodging and entertainment hubs, with an extensive base of laundry equipment that enables the Company to offer superior service capabilities and response times. The acquisition of the Apex assets will provide PureStar with additional resources to support the Company's production capacity and expand its customer base.

"Las Vegas is one of the largest and fastest-growing hospitality markets in the U.S. and is a core strategic focus for PureStar," said Brian Herington, Chief Executive Officer of PureStar. "Acquiring the Apex assets provides PureStar with additional scale that will enable us to increase productivity and service levels to capitalize on the demand in the hospitality, food and beverage, and uniform markets. We look forward to working with the Apex team to further increase plant capacity and operating efficiencies."

Moelis & Company LLC acted as exclusive financial advisor to Apex Linen.

About PureStar
PureStar is North America's premiere provider of laundry services and linen management to the hospitality industry. With locations across the United States, Mexico and the Bahamas, PureStar's expansive operations consistently enhance guest comfort for the thousands of client partners they serve. For more information visit PureStar.com.

About Cornell Capital
Cornell Capital LLC is a U.S.-based private investment firm with ~$6 billion of AUM and offices in New York and Hong Kong. Leveraging decades of global investment experience, the firm takes a disciplined approach to investing across the consumer, financial services, and industrials/business services sectors, often in companies that can benefit from the firm's Asia presence and cross-border expertise. Founded in 2013 by Senior Partner Henry Cornell, the former Vice Chairman of Goldman Sachs' Merchant Banking Division, the firm is led by a highly seasoned team with significant shared investment experience. For more information, visit www.cornellcapllc.com.

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SOURCE PureStar Group