EMERALD TEXTILES EXPANDS FOOTPRINT INTO LOS ANGELES

NOVEMBER, 2018


EMERALD TEXTILES EXPANDS FOOTPRINT INTO LOS ANGELES THROUGH THE
ACQUISITION OF THE ASSETS OF MEDICLEAN LINEN AND LAUNDRY

LOS ANGELES, CA–(BUSINESS WIRE) — Emerald Textiles, a portfolio company of Los
Angeles-based private investment firms Pacific Avenue Capital Partners, LLC (“Pacific Avenue”)
and Highland Avenue Funds, LLC (“Highland”), announces the acquisition of the assets of
MediClean Linen and Laundry, a Los Angeles-based healthcare linen service provider. The
acquisition expands the footprint of the largest healthcare linen provider in California, with
Emerald now having a total of six locations on the West Coast.

We are excited to add the Los Angeles location to our network of facilities. The Los Angeles
location provides Emerald Textiles with a strong foothold in Southern California, and further
enhances Emerald’s existing network of linen processing facilities. This acquisition also allows
the company to expand its world class services to meet the needs of customers in both
Northern and Southern California. Emerald is committed to providing the best value proposition
for current and future customers and we look forward to continuing to provide an extremely high
level of service in the Los Angeles Market,
” said Greg Anderson, CEO of Emerald Textiles.

Under Pacific Avenue and Highland’s ownership, Emerald Textiles has grown through
significant new customer wins, a universal commitment to providing high levels of service to the
customer, the acquisitions of two southern California linen processing facilities, and material
investments to upgrade existing facilities and equipment.

As part of the asset acquisition, Emerald will immediately undertake a “re-tooling” of the Los
Angeles facility to upgrade its equipment. The capital plan includes more than $6.0 million of
investment to ensure that the Los Angles facility upholds the same level of quality and efficiency
found across the entire Emerald network.

Chris Sznewajs, Co-Founder and Managing Partner at Pacific Avenue, stated, “This acquisition
represents a continuation of our effort to build a world-class healthcare linen provider that can
serve the needs of the entire California and west coast market. We are excited about our
expansion into the Los Angles market and the already underway $6.0 million capital expansion
plans to ensure an efficient and state of the art facility while upholding Emerald’s commitment to
providing world class service to our customers.

Northleaf Capital Partners and AIG provided the debt financing for this transaction. Jones Day
acted as Buyers counsel. Latham & Watkins LLP, Paul, Weiss, Rifkind, Wharton & Garrison LLP
provided debt counsel.

About Pacific Avenue Capital Partners

Pacific Avenue Capital Partners, founded by Chris Sznewajs, is a Los Angeles-based private
investment firm. Pacific Avenue, in conjunction with its operating executives, partners with
exceptional management teams to assist businesses in unlocking value and reaching their full
potential. Pacific Avenue has a unique experience base in industrials, business services,
healthcare services, and business products that allows the firm to differentiate itself from
traditional private equity businesses. Pacific Avenue’s current portfolio has more than $750
million in combined revenue. For more information, please visit www.pacificavenuecapital.com.

About Highland Avenue Capital Partners

Highland Avenue Capital Partners, founded by Chris Bryan, is a Los Angeles-based private
investment firm with deep expertise in operations and growth enhancement in the middle
market. Highland Avenue acquires controlling interests in businesses across multiple industries
including industrials, building products, healthcare services and business services. For more
information, please visit www.highlandavefunds.com.

About Emerald Textiles

Emerald Textiles is the leading industrial healthcare laundry and linen service business on the
West Coast, processing an excess of a 130 million pounds of linen on an annual basis. Emerald
Textiles was created through the combination of Emerald Textiles and Encore Textile Services
in July 2018. The company has facilities in Los Angeles, San Diego, Turlock, and La Selva
Beach, CA as well as Reno, NV. For more information, please visit www.emeraldus.com.