PCS2 acts as sole lender in CLEAN Linen’s acquisition of Paragon Laundry

14th January 2016

Permira Debt Managers (“PDM”), the debt management and advisory arm of Permira and one of Europe’s leading specialist debt investors, today announces that direct lending fund Permira Credit Solutions II is acting as sole lender in the financing of the acquisition of Stevens Hatherley Holdings Limited trading as Paragon Laundry by CLEAN Linen to create one of UK’s largest independent linen and garment rental providers. MML backed CLEAN Linen almost doubles in size due to the acquisition.

The acquisition of Paragon is supported by long-term debt provided and arranged by Permira Credit Solutions II, together with an acquisition/capex facility available to support future growth.

Jason Miller, CLEAN CEO, 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. The geographical synergies are excellent and this acquisition will significantly extend our UK coverage.

Thomas Kyriakoudis, CIO of Permira Debt Managers, added: “We are delighted to back CLEAN Linen, a long-established and successful family business that really stands-out in its sector. We see a great opportunity for the business to flourish in a competitive but attractive UK hospitality sector. The capital that our funds provide will be used to facilitate the acquisition of Paragon and bring to fruition exciting capex projects that should drive growth over the next few years. This transaction is a good example of our strategy of backing high-quality, growing private businesses in Europe with flexible and patient capital.”

Click below to download the full release.



Download PDF version

Latest News

Permira Debt Managers acts as sole lender in the refinancing of Away Resorts
11th January 2017
PCS2 acts as sole lender in the refinancing of DGF
7th November 2016
PCS2 acts as sole lender to Knights 1759 to support continued expansion
17th October 2016
Permira Debt Managers announces final close of Permira Sigma IV
28th September 2016
PCS2 acts as sole lender in the acquisition of I@D
22nd September 2016
PCS2 invests in the senior secured floating rate notes of Vizrt
15th September 2016
PCS2 invests in the senior secured term loans of Exterion Media
15th September 2016
RSK Group becomes UK's largest site investigation provider
27th June 2016
PCS2 acts as sole lender to Eaton House Schools Group in support of a management buyout
24th June 2016
PCS2 committed a follow-on investment to David Brown Gear Systems
1st June 2016
PCS2 to act as sole lender to ALcontrol Laboraties
19th April 2016
PCS2 sole lender in Bridgepoint Capital’s acquisition of Anaveo
7th January 2016
Savoury & Sweet Limited announce multi-million pound investment programme
27th November 2015
Delsey secures €100m refinancing package to support continued growth
17th November 2015
Paperchase secures £50m refinancing package to boost growth
2nd November 2015
Final close of Permira Credit Solutions II
29th July 2015
PCS2 to act as sole lender to David Brown Gear Systems
2nd July 2015
PCS2 to act as sole lender to RSK Group
15th June 2015
Permira Debt Managers appoints David Hirschmann as Head of Private Credit
9th June 2015
PCS2 acts as sole lender to Kinaxia Logistics to support acquisition strategy
19th May 2015
PCS2 sole lender in Oakley Capital's PARSHIP acquisition
1st May 2015
Permira Debt Managers expands team
16th January 2015
Permira Debt Managers announces 1st close of Permira Credit Solutions II
29th October 2014