Liberty is pleased to announce that MML backed CLEAN Linen (www.cleanservices.co.uk) has completed the acquisition of the entire share capital of Stevens Hatherley Holdings Limited, trading as Paragon Laundry.
Paragon is one of the UK’s largest independent linen and garment rental providers and a shareholder of the Brilliant Laundry Group. Paragon service many of the UK’s leading hospitality and workwear clients across a large geographical region of the UK. The acquisition broadly doubles the size of the CLEAN business.
Jason Miller, CLEAN CEO, said:
“This is a very exciting and strategic acquisition for CLEAN. I have known Paragon and worked closely with the business over many years and the integration of the Paragon business into CLEAN is a logical development. The geographical synergies are excellent and this acquisition will significantly extend our UK coverage. MML were instrumental in helping us unlock and deliver the deal. Since they invested in CLEAN in December 2014 they have certainly delivered against their promise to help us capitalise on the exciting strategic opportunities available to our business.”
Liberty Corporate Finance provided modelling and financial support to the company and MML during the acquisition and debt raising.
Luke Jones and Rob Devonshire led the deal for MML. Debt to support the transaction was provided by Permira Debt Managers. CLEAN were advised on the debt raise by Bill Troup at Livingstone Partners.
Rob Devonshire, MML, commented:
“Liberty were an essential resource for us during the acquisition, building an operational model for the combined business, and helping us to model covenants and understand returns. The robustness of their work gave us confidence and was invaluable support for us, management and Livingstone during the transaction.”