MML portfolio company CLEAN Linen Services, a leading independent provider of textile rental and laundry services, has been acquired by US-based Alsco, Inc.
MML originally invested in the business in December 2014, to support the management team to drive organic growth and sector consolidation. The business has been transformed under the stewardship of Jason Miller (CEO) with the full support of MML (Luke Jones and Bal Johal).
- Revenues have grown by over 150%
- Number of sites have increased from 4 to 12
- Employees numbers have grown from 500 to over 1,400
- The business now boasts Europe’s largest and most efficient new commercial laundry in Slough
- Now serving 5,500 customers across the UK
Today 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.
Jason Miller, CEO of CLEAN, commented: “This is an excellent development for both CLEAN and Alsco. Over recent years, with the invaluable support of MML, 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.”
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.’’
Debt funding to support MML’s investment strategy was provided by Permira Debt Managers whom the shareholders would particularly like to thank for their support of CLEAN’s strategic growth. Livingstone advised shareholders on the exit.