Wells Fargo Provides Financing to Support Centerstone Linen Services' Substantial Growth Plan
NEW YORK--(BUSINESS WIRE)-- Wells Fargo & Company (NYS: WFC) said it has provided $24.8 million in senior debt financing for Centerstone Linen Services, which owns and operates healthcare textile plants in New York, Pennsylvania, Ohio, Maryland, West Virginia, North Carolina and Tennessee through its two subsidiaries, Atlas and Alliance Healthcare Linen Services. Wells Fargo's new credit facilities provide capital funds for Centerstone's continued growth.
"We are thrilled to be working with CLS and their new management team," said Wayne Keller, senior vice president, Wells Fargo Buffalo Regional Commercial Banking Office. "CLS has set high standards in the healthcare services industry and is a great example of the kind of high quality companies that Wells Fargo is proud to serve."
"Our company is focused on patient comfort, providing a professional and hygienically clean environment for doctors and nurses, and delivering these services at the right cost," said John Giardino, chief executive officer of Centerstone Linen Services. "We have doubled our customer base in the last four years and expect to double again over the next three."
As is a new customer for Wells Fargo Commercial Banking, which serves middle market businesses with annual revenues in excess of $20 million, Centerstone Linen Services projects revenues of more than $70 Million for 2013. Nationwide, Wells Fargo is the No. 1 commercial bank in the markets it serves. In addition to providing a world-class customer experience for our clients, Wells Fargo commercial bankers also are committed to being good citizens, from charitable giving to volunteering to public service.
About Wells Fargo
Wells Fargo & Company (NYS: WFC) is a nationwide, diversified, community-based financial services company with $1.4 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank's customers who conduct business in the global economy. With more than 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune's 2012 rankings of America's largest corporations. Wells Fargo's vision is to satisfy all our customers' financial needs and help them succeed financially.
About Centerstone Linen Services
Established in 2008, Centerstone Linen Services provides the highest quality linen services to Hospitals, Medical Clinics and Outpatient Facilities throughout the East Coast. A closely held company, Centerstone employs more than 750 people who serve our 600+ customers. Focusing on strict quality assurance measures, Centerstone Linen Services has been recognized for outstanding performance in the areas of infection control and hygienically clean linens. For more information on Centerstone Linen Services, contact: Jamie Giardino 1-646-430-9250
Wells Fargo & Company
Dana C. Obrist, 704-715-6138
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