Santander acts as Mandated Lead Arranger supporting CLEAN
Santander is pleased to announce that it has acted as a Mandated Lead Arranger in the debt facilities supporting CLEAN's acquisition of Stevens Hatherley Holdings Limited, trading as Paragon Laundry.
CLEAN operates in both the linen and workwear rental markets working with a wide range of businesses throughout the UK from the hotel, restaurant, catering, food manufacturing, engineering and pharmaceutical industries.
Santander provided revolving credit facilities alongside term debt provided by Permira Debt Managers. Santander is also providing a Full Service Banking solution to the combined businesses.
‘This is a very exciting and strategic acquisition for CLEAN. I've known Paragon and worked closely with the business over many years and the integration of the Paragon business into CLEAN is a logical development. The geographical synergies are excellent and this acquisition will significantly extend our UK coverage.
We're very pleased to bring Santander on board to support our growth as part of this transaction and look forward to developing our relationship further over the coming years.'
Jason Miller, Chief Executive Office, CLEAN
‘CLEAN is a premier provider in the linen rental and workwear market. We're delighted to be working with Jason and the team at CLEAN, along with MML Capital, as they expand the business and in supporting them with their future growth plans.'
Andrew Tully, Head of Structured Finance, Santander Financial Sponsors team.
All lending is subject to status and our lending criteria.
About the company
With its headquarters in Maidenhead and nine UK plants, CLEAN has more than 1,350 employees delivering 130,000 workwear items and 4 million linen items each week.
Founded in 1886 CLEAN is 49% owned by MML Capital. The Paragon acquisition broadly doubles the size of the CLEAN business.
For more information on this deal please contact:
Andrew Tully: email@example.com
Nick Howard: firstname.lastname@example.org
Gerry Davies: email@example.com
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