Acquisition of Stevens Hatherley Holdings (Paragon Laundry) by CLEAN
Posted on 22-Dec-2015
CLEAN is delighted to announce the acquisition of the entire share capital of Stevens Hatherley Holdings Limited trading as Paragon Laundry. Paragon is one of the UK’s largest independent linen and garment rental providers and a shareholder of the Brilliant Laundry Group. Paragon service many of the UK’s leading hospitality and workwear customers across a large geographical region of the UK.
Jason Miller, CEO, CLEAN said: “This is a very exciting and strategic acquisition for CLEAN. I have known Paragon and worked closely with the business over many years and the integration of the Paragon business into CLEAN is a logical development. Combining Paragon with CLEAN will extend our market share in linen rental and doubles our workwear turnover. The geographical synergies are excellent and this acquisition will significantly extend our UK coverage. It will also broaden our service offering and see us enter new markets with Special Occasion Linen. The transaction further extends our ownership of the Brilliant Laundry Group to become the single largest shareholder”.
David Stevens, Joint Managing Director of Paragon Laundry said: “It was a difficult decision for the Board of Directors to make but due to the strong performance of recent trading we felt it was a good time to make such a decision. The sale to CLEAN is a natural progression in the growth of Paragon and combining the two companies creates an extremely strong and powerful player in the marketplace. This is great news for all our staff who have worked so hard over the last 98 years to make Paragon what it is today. I believe this is an excellent development for both CLEAN and Paragon”.