On April 3, 2017, Angelica announced that it entered into an asset purchase agreement (“APA”) under which KKR has agreed to acquire substantially all of Angelica’s assets as a going concern.

KKR is a leading global investment firm with substantial resources and a proven record of investing in market-leading businesses. It is a long-term investor, which partners with companies and management teams to help them achieve outstanding operating and financial results. KKR intends to build on Angelica’s success and help the Company continue to grow.

To implement the sale process, Angelica has voluntarily filed for Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. Angelica intends to conduct the sale process pursuant to Section 363 of the Bankruptcy Code.

Angelica’s operations are expected to continue as normal during the court-supervised sale process. We are focused on ensuring that we continue to deliver the highest-quality linens and services that our customers have come to expect from us, and we will meet our business obligations.