Michael Jones managing director, Fishers Laundry Group
Scottish commercial laundry business Fishers Topco Limited has been sold, subject to closing conditions being met, to Canadian industrial laundry firm K-Bro Linen Inc.
Fishers was established in 1900 and cleans, irons and delivers more than two million items a week, providing linen rental, workwear hire and cleanroom garment services to the hospitality, healthcare, manufacturing and pharmaceutical sectors.
Fishers’ client base includes major hotel chains and prestigious venues across Scotland and the North East of England.
The company, with approximately 800 staff, operates seven sites in Scotland and the North East of England including Cupar, Perth, Newcastle, Livingston, Inverness and Coatbridge. Fishers generated revenue of £34.3million and EBITDA of c.£5m for the trailing twelve month period ended 30 September 2017.
K-Bro is the largest owner and operator of laundry and linen processing facilities in Canada. K-Bro provides a comprehensive range of general linen and operating room linen processing, management and distribution services to healthcare institutions, hotels and other commercial accounts
PwC’s Corporate Finance team based in Scotland provided lead advisory services to the shareholders of Fishers. PwC Tax also provided sell-side tax advice to Fishers.
The transaction represents K-Bro’s first acquisition outside of Canada, providing it with an attractive platform with critical mass in the UK, which is well positioned for future growth.
Jon Shelley, head of Corporate Finance for PwC in Scotland said: “PwC is delighted to advise the shareholders of Fishers on this successful transaction. K-Bro presents a great home for the business and its employees, and will help support the company through the next phase of its growth. The deal represents an excellent example of the attractiveness of Scottish businesses to overseas investors.”