Seacoast Capital Announces Investment in Cadillac Services

Seacoast Capital Announces Investment in Cadillac Services
BOSTON, January 15, 2025 — Seacoast Capital (“Seacoast”), a lower-middle market non-control growth capital investor, announced today its recent investment in Cadillac Services (“Cadillac” or the “Company”), in support of a recapitalization of the Company led by Thesis Capital Partners (“Thesis”).
Cadillac, headquartered in Bayamón, Puerto Rico, is a provider of uniform rental and repair, laundry and dust control services to customers in the healthcare, pharmaceutical, industrial, restaurant and retail markets in Puerto Rico.
Seacoast provided a combination of unitranche debt and preferred equity alongside of Thesis, Tamarix Capital Partners and Cadillac’s management to facilitate liquidity for certain of Cadillac’s shareholders and support the Company’s growth objectives.
Ian Reynolds, Thesis’ Founder & Managing Partner, noted “Working with the team at Seacoast has been everything we hoped for in a partnership. Seacoast’s proven track record of helping companies navigate complex growth opportunities has already proven invaluable to both Thesis and Cadillac in multiple areas. They exhibit the wisdom that comes from decades of experience in supporting growth-oriented businesses, which, coupled with their flexible investment approach, makes them an ideal partner as we work to build upon Cadillac’s century-long legacy of excellence.”
Tom Gorman, Founding Partner of Seacoast, added “Cadillac has built a 100 year legacy providing mission critical services to some of the most recognizable names across the Company’s respective end markets – a legacy that includes an almost 60 year history as the leading commercial laundry and cleanroom services provider on the island of Puerto Rico”, further commenting “We are excited to work with Cadillac to build upon this legacy and help steward the Company through the next phase of its evolution as it looks to gain share on the island and provide new services that are complementary to its core service offering.”
Terms of the transaction were not disclosed.
About Cadillac
Cadillac is the leading uniform rental and laundry service provider and the only TRSA-certified Hygienically Clean and Clean Green® provider in Puerto Rico. Cadillac goes beyond industrial laundry care services – no matter the industry served, company size or specialized need, Cadillac’s highly qualified personnel, advanced technology and experience provide customers the best in uniforms, supplies, and sanitary needs. Cadillac was founded in 1925.
About Seacoast Capital
Founded in 1994, with offices in Boston, MA and San Francisco, CA, Seacoast Capital invests non-controlling capital in partnership with management in privately-held lower middle market companies. Seacoast is industry agnostic and typically invests $5 million to $30 million of capital in companies with $10 million or more in revenue and $2 million or more of EBITDA. Capital is used to support growth, refinancings, acquisitions, family ownership and wealth transfers, shareholder liquidity events and partnership or management buyouts. Geographically, Seacoast invests anywhere in the United States. Since its inception, Seacoast has managed over $1B of capital, which the firm has invested in 90+ transactions. Now managing its fifth fund, Seacoast continues to actively seek new investment opportunities. Learn more by visiting www.seacoastcapital.com.