Washing Systems Names New CEO Craig Nikrant

LOVELAND, Ohio, May 10, 2018 /PRNewswire/ -- Washing Systems, LLC ("WSI" or "the Company"), a leading specialty formulator of innovative chemicals and technical services to the commercial laundry processing industry, announced today that it has named former PolyOne executive Craig Nikrant as Chief Executive Officer, effective immediately. WSI is a portfolio company of San Francisco-based private equity firm Gryphon Investors.

Mr. Nikrant succeeds Terry Shoreman, who is pursuing his planned retirement after 18 years of service at WSI and over four decades in the commercial laundry industry, leaving a legacy of industry leadership and success at the Company. Mr. Shoreman and WSI's Vice Chairman Bobby Fisher helped establish WSI as the leader in the commercial laundry processing industry through a commitment to innovation and an intense focus on customer service and sustainability. Mr. Shoreman will continue on with WSI through the transition, serving on the Board of Directors while assisting in a customer and industry relations role.

Mr. Nikrant brings more than 30 years of business success through driving growth through superior value to the customer, high quality service, new product innovation, geographic expansion, and acquisitions. Prior to joining WSI, he served as president of PolyOne's Specialty Engineered Materials business and helped lead the transformation of PolyOne into a premier provider of specialized polymer materials. Previously, Mr. Nikrant spent 17 years at General Electric, where his responsibilities advanced progressively, including positions in marketing, product management, and general management with a dedication to creating profitable growth.

Steve Donly, Chairman of the Board for WSI, said, "I am extremely confident in the leadership and vision that Craig will bring to Washing Systems in this next phase of growth. He is the right person to build upon the Company's long track record of superior customer service, technical innovation, and environmental sustainability. We cannot thank Terry enough for his invaluable leadership and significant contributions over the years that have helped make Washing Systems the market leader it is today."

Mr. Nikrant added, "I couldn't be more excited to work alongside the strong Washing Systems team to enhance and accelerate the strong growth culture and momentum that already exists. I look forward to executing on the company's growth initiatives through superior customer service, innovative new solutions, selective acquisitions to expand our geographic footprint, and through additional penetration into adjacent healthcare, hospitality, and water treatment markets."

Wes Lucas, Operations Partner and co-leader for the Industrial Growth Group at Gryphon Investors, shared, "Craig is an outstanding leader and we look forward to much continued success under his leadership in the future. We want to thank Terry for his commitment, service, and leadership at WSI."

Bob Grady, Deal Partner and co-leader for the Industrial Growth Group at Gryphon Investors, stated, "We are confident that Craig will advance our plans for growth. We greatly thank Terry for his significant contributions and leadership to WSI, and look forward to working with him as he continues on our Board."

"It has been an honor to spend the past 18 years of my career with this great company. I am very proud of what our team has accomplished, and I am thankful that I was a part of it. WSI's success is the result of a very talented group of individuals working together with a common purpose, to serve the needs of the commercial laundry industry," said Mr. Shoreman. "I am also very bullish about our future. We have never been better positioned for growth and success. With the leadership team we now have in place, with Craig Nikrant as our CEO and John Walroth as our President, the best is certainly yet to come."  

About Washing Systems, Inc.
Washing Systems (www.washingsystems.com) is a leading provider of innovative chemicals and technical services to the commercial laundry processing industry. The company is a trusted partner to many of the largest commercial laundry providers as well as many independent laundries. Customer success is Washing Systems' primary objective, and the company thrives on delivering the most innovative and environmentally sustainable products, and reliable service to its customers. Washing Systems serves customers in the U.S., Canada, and the UK.

About Gryphon Investors
Based in San Francisco, Gryphon Investors (www.gryphoninvestors.com) is a leading private equity firm focused on profitably growing and competitively enhancing middle-market companies in partnership with experienced management. For 20 consecutive quarters, Gryphon has been ranked in Preqin's prestigious quarterly PE report as one of North America's top-decile buyout firms based on consistency of strong investment returns. Managing over $2.6 billion of equity investments and capital since 1997, the firm has an extensive track record of leading equity investments of $50 million to $200 million per portfolio company with sales ranging from approximately $100 million to $500 million. Gryphon prioritizes investment opportunities where it can form proactive partnerships with owners and executives to build leading companies, utilizing Gryphon's capital, specialized professional resources, and operational expertise. Gryphon closed its fourth private equity buyout fund, Gryphon IV, in November 2016 at $1.1 billion, and raised a $100 million captive mezzanine fund, Gryphon Mezzanine Partners, L.P., in August 2017.

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SOURCE Gryphon Investors