Member Article

Runcorn-based Johnson Service Group acquire London Linen Supply Ltd for £69.4m

Runcorn based Johnson Service Group, a linen rental company, has acquired London Linen Supply for £69.4m.

Key London Linen clients including Jamie Oliver, The Wolseley and Brasserie Blanc.

The company has also announced its intention to place 30,011,802 new Ordinary Shares to raise approximately £21.1m, net of expenses as well as a new £120m financing package agreed with existing banks.

Chairman Paul Moody, said: “We are delighted to have completed this acquisition which represents a further significant step in our plan to expand the range and scale of services offered by our Textile Rental business.

“The new equity maintains the strength and flexibility in our balance sheet which is important as we continue to look for further value enhancing acquisitions.”

CEO of Johnson Service Group, Chris Sander, added: “I have known London Linen for many years and have been very impressed with the quality of their business and the growth achieved in recent years.

“Its operations will complement our existing Stalbridge business and will give us significant production facilities near to the vibrant London restaurant market.”

Sue Russell and team from Hill Dickinson advised Johnson Services Group in the acquisition, refinancing and placing of new shares.

This was posted in Bdaily's Members' News section by Sophia Taha .