Alliance Laundry Systems (ALH) IPO Overview

Alliance Laundry Systems, a leading manufacturer of commercial laundry equipment (including washers, dryers, and ironers under brands like Speed Queen, UniMac, Huebsch, Primus, and IPSO), is preparing for its initial public offering (IPO). The company, founded in 1908 and headquartered in Ripon, Wisconsin, operates in over 100 countries with more than 4,000 employees. It was most recently majority-owned by BDT Capital Partners (an affiliate of BDT & MSD Partners) following a series of private equity acquisitions. Headquarters: Ripon, Wisconsin, United StatesFounded: 1908https://alliancelaundry.com/ 

  Japan's self-service laundromat sector is rapidly expanding, with over 20,000 locations and 1,000 new stores expected annually from 2025 to 2030. 
ALS's success in Thailand, with a 62% market share and over 3,000 laundromats, highlights its ability to drive industry growth.

 Key IPO Details

• Filing and Timeline: Alliance Laundry filed a registration statement (Form S-1) with the U.S. Securities and Exchange Commission (SEC) in mid-September 2025, marking the first step in the regulatory process. Pricing is expected in the coming weeks, with the offering subject to market conditions—no firm completion date has been announced.
• Shares and Pricing: The company plans to offer 34.1 million shares at a price range of $19 to $22 per share.
• Expected Raise and Valuation: The IPO aims to raise up to $751.2 million, targeting a valuation of up to $4.34 billion.
• Breakdown of Shares:
  • Alliance Laundry will sell 24.4 million shares.
  • Selling stockholders (primarily BDT Capital Partners and affiliates) will offer 9.8 million shares.
• Post-IPO Ownership: BDT Capital Partners will retain approximately 76% ownership.
• Exchange and Ticker: Shares will list on the New York Stock Exchange (NYSE) under the symbol "ALH".
• Underwriters: Led by BofA Securities and J.P. Morgan.
• Cornerstone Investors: Capital International and Kayne Anderson Rudnick have expressed interest in purchasing up to $100 million in shares, signaling strong institutional demand.

Financial SnapshotFor the six months ended June 30, 2025:

• Revenue: $836.8 million (up ~15% from $729 million in the prior-year period).
• The company is using IPO proceeds partly to reduce debt, which has been described as significant in filings.

Metric	Value (H1 2025)	YoY Change
Revenue	$836.8 million	+15%
EBITDA (TTM est.)	~$350 million	N/A
Target Valuation	Up to $4.34 billion	N/A

Background and ContextAlliance Laundry has a long history in the industry but has changed hands multiple times through private equity:

• Acquired by Bain Capital from Raytheon in 1998 for $358 million.
• Majority stake bought by Teachers' Private Capital in 2005 for $450 million.
• Current ownership by BDT & MSD since around 2015; earlier in 2024, they explored a private sale valuing the company at 13x EBITDA (~$4.5–$7 billion range), but shifted to an IPO amid favorable market conditions for private equity exits.

The IPO comes amid a resurgence in U.S. IPO activity, particularly for PE-backed firms, driven by improving market sentiment. For more details, including the full prospectus, visit the SEC's EDGAR database at www.sec.gov.