Business
K-Bro Announces closing of Paranet acquisition
K-Bro Announces closing of Paranet acquisition Canada NewsWire EDMONTON, AB...
About this update from K-bro Linen Inc.
[{"type":"text","content":"\n \n \n \n K-Bro Announces closing of Paranet acquisition\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n EDMONTON, AB\n \n \n ,\n \n \n March 2, 2023\n \n \n /CNW/ - K-Bro Linen Inc. (\"\n \n K-Bro\n \n \" or the \"\n \n Corporation\n \n \") (TSX: KBL) today announced that it has successfully completed its acquisition of Buanderie Para-Net (\"Paranet\") for an enterprise value of\n \n $11.5 million\n \n and a potential earnout of\n \n $1.9 million\n \n . Paranet is a private laundry and linen services company for the\n \n Quebec City\n \n healthcare and hospitality markets. The purchase price will be satisfied by drawing down on K-Bro's revolving credit facility.\n \n \n \"With continued momentum in our business, we have been refocusing on strategic acquisitions and have an active M&A pipeline. The Paranet acquisition is another example of our strategy of acquiring high-quality operators with leading market positions enabling K-Bro to grow market share in key regions,\" said\n \n Linda McCurdy\n \n , President and Chief Executive Officer at K-Bro. \"The acquisition also provides us with additional operating efficiencies, capital expenditure synergies, and significant growth capabilities. We remain well positioned from a balance sheet and liquidity perspective and will continue to be disciplined as we evaluate acquisitions.\"\n \n \n \n CORPORATE PROFILE\n \n \n \n K-Bro is the largest owner and operator of laundry and linen processing facilities in\n \n Canada\n \n . K-Bro provides a comprehensive range of general linen and operating room linen processing, management and distribution services to healthcare institutions, hotels and other commercial accounts. K-Bro currently operates nine processing facilities and two distribution centres under three distinctive brands, including K-Bro Linen Systems Inc., Buanderie HMR and Les Buanderies Dextraze, in ten Canadian cities: Québec City, Montréal,\n \n Toronto\n \n ,\n \n Regina\n \n ,\n \n Saskatoon\n \n ,\n \n Prince Albert\n \n ,\n \n Edmonton\n \n ,\n \n Calga...