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Australia’s ‘leading provider of laundry management services’ acquired
Gilbert + Tobin has advised Adamantem Capital on its acquisition of Spotless Laundries.
Emma Musgrave
Firms: Gilbert + Tobin (Adamantem Capital); undisclosed (Spotless Laundries)
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Deal: Adamantem Capital has acquired Spotless Laundries.
Value: Undisclosed.
Area: M&A
Key players: G+T corporate advisory partner Hiroshi Narushima led the transaction, with lawyers Oliver Yee and Sean Macdonald.
The team was also supported by experts across the firm including partners Ben Fuller, Tim Gole, Amanda Hempel and Rob Trowbridge, special counsel Joanne Bayes and James Pomeroy, and lawyers Jen Bradley, Anna Smyth, James Frixou, Sune Crafford and Wenzo Mnguni.
Deal significance: Spotless Laundries is described as Australia’s leading provider of laundry management services. The company was founded in 1946.
This transaction saw G+T advise Adamantem Capital on its acquisition of the Spotless commercial laundries business from Downer and the subsequent establishment of a joint venture between Adamantem Capital and Downer in respect of the business.
A statement from the firm noted that this is the first transaction from Adamantem Capital’s recently launched buyout fund Adamantem Fund II.
“G+T worked closely with Adamantem across all aspects of the transaction from structuring, due diligence, financing and shareholder arrangements,” it said.
Commenting further, corporate advisory partner Mr Narushima said: “We enjoyed working with the team at Adamantem Capital”.
“This is their first investment out of Adamantem Fund II.
“We know their team and experience in this industry along with the input of Downer as a joint venture partner will ensure the Spotless laundries business can grow strongly into the future.”
