KKR to acquire Angelica assets for about $125 mln

Angelica Corp, a provider of healthcare linen and medical laundry services, has inked an asset purchase agreement with KKR in a deal valued at about $125 million. According to terms of the agreement, KKR will serve as a stalking horse bidder in a court-supervised sale process while Angelica will file for chapter 11 bankruptcy. Houlihan Lokey, Inc is serving as Angelica’s investment banker and financial adviser on the transaction. And, Weil, Gotshal & Manges LLP is providing legal counsel to Angelica while Alvarez & Marsal is serving as restructuring adviser.

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