Press Release

Baker Tilly Capital Advises Paris Cleaners on Merger of Paris Healthcare Linen Services With NOVO Health Services

DUBOIS, Penn. (Mar. 10, 2020) – Baker Tilly Capital, LLC (Baker Tilly Capital), a boutique investment banking practice and wholly-owned subsidiary of Baker Tilly Virchow Krause, LLP (Baker Tilly) is pleased to announce the successful merger of Paris Healthcare Linen Services (PHLS), a subsidiary of its client, Paris Cleaners, Inc. (Paris Cleaners), with NOVO Health Services (NOVO), a platform company of Tuckahoe Holdings. The merged company will continue doing business as NOVO Health Services.

Headquartered in central Pennsylvania, PHLS is an independent healthcare and industrial laundering and uniform rental services company serving the mid-Atlantic region. 

Baker Tilly Capital served as the exclusive advisor to Paris Cleaners in connection with this merger, developing a robust sale process and positioning strategy to market PHLS to a targeted group of buyers with experience in the industrial and healthcare linen industry. Ultimately, NOVO Health Services emerged as a buyer with extensive industry experience.

“Joining with NOVO gives us a chance to create new opportunities while meeting the challenges in our great industry,” David Stern, Chief Executive Officer of Paris Cleaners, said. Stern will lead NOVO as CEO.

Tuckahoe Holdings, which has owned NOVO since 2015, identified PHLS as a perfect fit to integrate into NOVO.

“With this merger comes the opportunity to combine two exceptional senior leadership teams that will serve to strengthen our continued, long-term growth,” said Peter Farrell, managing partner of Tuckahoe Holdings. “Together, we are positioned for continued success for years to come.”

“It was a privilege to assist Paris Cleaners during the merger process,” Lisa Van Lieshout, Baker Tilly Capital Managing Director said.  “The combined success and experience of the merged companies and leadership teams provides a solid base for continued growth in the industry.”

To learn more about Baker Tilly Capital’s investment banking services, visit bakertillycapital.com.

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About Baker Tilly Capital, LLC

Baker Tilly Capital, LLC is a boutique investment bank specializing in merger and acquisition (M&A), capital sourcing, project finance and corporate finance advisory services. The Baker Tilly Capital team is led by investment bankers and corporate finance specialists that have meaningful experience advising clients in evaluating strategic and financial alternatives, creating and executing sell-side and buy-side M&A strategies, and identifying cost-effective financing alternatives and sources. Backed by Baker Tilly Virchow Krause, LLP, a national accounting and advisory firm with significant industry expertise, Baker Tilly Capital offers value added insights before, during and after the transaction. Baker Tilly Capital, LLC is a registered broker-dealer, member FINRA and SIPC.

Securities, when offered, and transaction advisory services are offered through Baker Tilly Capital, LLC, Member  FINRA  and SIPC; Office of Supervisory Jurisdiction located at 4807 Innovate Ln, Madison, WI 53718; phone +1 (800) 362 7301. Baker Tilly Capital, LLC is a wholly-owned subsidiary of Baker Tilly Virchow Krause, LLP, an accounting firm. Baker Tilly Virchow Krause, LLP trading as Baker Tilly is a member of the global network of Baker Tilly International Ltd., the members of which are separate and independent legal entities.

About Baker Tilly US, LLP (bakertilly.com)

Baker Tilly US, LLP (Baker Tilly) is a leading advisory, tax and assurance firm, providing clients a genuine coast-to-coast and global advantage with critical mass and top-notch talent in major regions of the U.S. and in many of the world’s leading financial centers – New York, London, San Francisco, Los Angeles and Chicago. Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 146 territories, with 36,000 professionals and a combined worldwide revenue of $3.9 billion. Visit bakertilly.com or join the conversation on LinkedIn, Facebook and Twitter

Baker Tilly US, LLP is a member of the Baker Tilly International network, the members of which are separate and independent legal entities. Baker Tilly refers to the global network of accounting firms of Baker Tilly International Limited. Baker Tilly International Limited does not provide services to clients.