Livingstone’s Debt Advisory team has advised MML Capital Parthers-backed CLEAN on its acquisition of Stevens Hatherley Holdings Limited, trading as Paragon Laundry.
Debt facilities were provided by Permira Debt Managers and Santander Corporate Banking.
CLEAN’s clients range from independents to leading global branded businesses from the hotel, restaurant, catering, food manufacturing, engineering and pharmaceutical industries. With five laundry production facilities, CLEAN prides itself in offering a professional, quality and customer focused service to a demanding customer base.
Paragon is a shareholder of the Brilliant Laundry Group, and services many of UK hospitality and workwear clients across a large geographical region. The acquisition broadly doubles the size of the CLEAN business which now supports nine laundries across the UK.
Jason Miller, CEO, CLEAN, says: “This is a very exciting and strategic acquisition for CLEAN. The geographical synergies are excellent and this acquisition will significantly extend our UK coverage. The transaction further extends our ownership of the Brilliant Laundry Group to become the single largest shareholder.
“Livingstone were invaluable throughout the process, allowing us to focus on our acquisition and integration program, safe in the knowledge that they would deliver the optimal financing package.”
Luke Jones, Partner, MML Capital, adds: “The acquisition of Paragon Laundry is the first step in executing our value growth strategy for CLEAN. It was critical to ensure that we found the right debt partners which could deliver a financing package flexible enough to accommodate our future plans. Livingstone impressed us with their knowledge of the debt markets, their structuring creativity and their commitment to supporting us at every stage of the debt raise process.”
Bill Troup, Managing Director Debt Advisory, Livingstone adds: “CLEAN’s debt requirements were relatively complex and we are delighted to have helped CLEAN and MML to successfully complete this acquisition and fund their future activities.”
