30 November 2015
Acquisition of Ashbon Services Limited
Johnson Service Group PLC ("JSG" or "the Company"), the leading textile services group, has acquired the entire share capital of Ashbon Services Limited, a specialist linen hire and laundry business based in Lincolnshire, for a cash consideration of £6.25 million, on a debt free, cash free basis.
Ashbon, which serves the catering, hotel and leisure industries from its processing plant in Grantham, complements JSG's existing Stalbridge, Bourne and London Linen businesses, providing operational efficiencies and additional production capacity for the Midlands and North of England.
The acquisition is expected to be immediately earnings enhancing and follows JSG's successful acquisitions of London Linen earlier this year and Bourne in 2014. Ashbon reported revenue of £4.5 million for the year to 31 October 2014 and has a history of year on year revenue growth.
Chris Sander, CEO of Johnson Service Group, said:
"Ashbon is a strong business and it shares our core values of quality, reliability and service. Its 20,000 sq. ft. processing plant perfectly complements our Stalbridge, Bourne and London Linen operations, and will enable us to improve the service we offer to our customers in the Midlands and North of England. This acquisition furthers our strategy of buying businesses which can be integrated easily into the wider Johnson Service Group."
Enquiries:
Johnson Service Group PLC |
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Chris Sander, CEO Yvonne Monaghan, CFO Tel: 01928 704600 |
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Investec Investment Banking (NOMAD) |
Bell Pottinger |
David Flin Matt Lewis James Rudd Tel: 020 7597 4000 |
Rollo Crichton-Stuart Gavin Davis Greg Wood Tel: 020 3772 2500 |
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