Livingstone’s Business Services sector team has advised the shareholders of CLEAN, a leading independent provider of textile rental and laundry services, on its acquisition by US-based Alsco, Inc. The deal represents an exit for MML Capital Partners, who originally invested in the business in December 2014.
CLEAN is one of the UK’s leading operators in the commercial B2B laundry sector, operating in both the linen and workwear rental markets. CLEAN has an outstanding reputation, built on quality and efficiency, and its 1,400 employees provide service to over 5,500 customers across England.
Founded in 1889, Alsco is one of the world’s largest textile rental and laundry companies, and has been a family owned company for four generations. Alsco employs over 18,000 people, services more than 350,000 customers in 13 countries and currently operates 170 laundry plants worldwide. Alsco has long been a leader in linen and uniform rental services across continental Europe; adding CLEAN expands its footprint to England with seven strategic locations across the country.
Jason Miller, CEO of CLEAN, commented: “This is an excellent development for both CLEAN and Alsco. Over recent years, we have grown CLEAN to be the UK’s largest independent textile rental and laundry services company. Joining the Alsco family is great news for our customers and for all the employees and business partners who have worked so hard over the years to make CLEAN what it is today. Under the ownership of Alsco, we now have the ability to continue our growth strategy and further enhance the service offerings that we provide to our customers.”
Luke Jones, Partner at MML, commented: “We invested in CLEAN in 2014 with the aim of creating the UK’s leading independent commercial laundry provider. Through a combination of investment in sites and strategic acquisitions, Jason and his team have achieved that goal. This transaction represents the successful culmination of the strategy, and a great result for all stakeholders. Having advised us on the transformational acquisition of Paragon in 2015, Livingstone were the obvious choice to advise on the exit and I thank them for their invaluable support throughout the process.’’
Alex John, Partner at Livingstone, added: “The investment from MML allowed CLEAN to become the most technologically advanced and innovative provider in the UK market, and an extremely attractive strategic asset. Alsco share the same ethos of quality and customer service, and hence there was a very strong commercial and cultural fit. Jason and his team have done a great job and I’m sure will enjoy continued success within the Alsco family.”