We advised Cornell Capital and its portfolio company PureStar on the transaction

Davis Polk advised Cornell Capital LLC and its portfolio company PureStar in connection with Purestar’s acquisition of Emerald Textiles. Financial terms of the transaction were not disclosed. 

Cornell Capital is a U.S.-based private investment firm with approximately $5.3 billion of assets under management and offices in New York and Hong Kong. Leveraging decades of global investment experience, the firm takes a disciplined approach to investing across the industrials, business services, financial services and consumer 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’s Merchant Banking Division, the firm is led by a highly seasoned team with significant shared investment experience.

PureStar is North America’s premier 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.

Emerald Textiles is the leading healthcare textile services provider on the West Coast, delivering exceptional quality and trusted service to its customers and their patients.

The Davis Polk corporate team included partners William J. Chudd and Darren M. Schweiger, counsel Saagar Kaul and associate Dylan Major. Partner Jack Orford and associate Eric Cummings provided sponsor finance advice. Partner Adam Kaminsky provided executive compensation advice. Partner Pritesh P. Shah provided intellectual property advice. Partner Ethan R. Goldman provided tax advice. Counsel J. Avelina Burbridge provided real estate advice. Members of the Davis Polk team are based in the New York and Washington DC offices.

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