WASH is a leading North American route-based infrastructure services company and is the largest Canadian and 2nd largest US provider of route-based laundry services to multifamily apartments and universities.
The Company operates an infrastructure network including 32 branches and over 520,000 installed machines at over 70,000 customer locations.
Through operations in 20 states and all Canadian provinces, WASH provides essential common room laundry services to multifamily apartments and universities under long-term contracts. The Company installs, owns, and maintains laundry machines in common laundry rooms. Once installed, WASH also collects cash from the machines on behalf of property owners. The Company utilizes sophisticated routing technology to manage a fleet of approximately 600 satellite enabled vehicles to provide high quality services to their customers, who have an average tenure of more than 20 years and a 98% retention rate. The Company is headquartered in El Segundo, California, USA.
Market trends and drivers
The multifamily laundry industry is a fragmented market with two national competitors including WASH. WASH is the #1 market leader in 90% of the markets in which it operates, including Canada and California, and is recognized for providing a high quality service to its customers. The Company's underlying market is the multifamily and university housing industry, particularly in the Western U.S. (California) and Canada where WASH has its largest presence. Although the Company's performance is related to trends in the multifamily housing market, demand for WASH’s services is less volatile given the essential nature of the service it provides. The outlook for key trends affecting WASH is stable and moderately positive in the medium-term.
The Company has a history of consistent organic growth and has successfully integrated 13 acquisitions in the past six years. The business development plan focuses on organic growth through further penetration of customers within WASH’s existing markets and through network expansion into remaining high demand areas in the U.S. In addition, opportunities for further accretive acquisitions exist given the fragmented nature of the industry.