Business
K-Bro Announces Transformative Acquisition of U.K.-Based Star Mayan for £107 Million (C$199 Million) and Concurrent C$70 Million Subscription Receipt Offering
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES EDMONTON, Alberta, May 13, 2025 (GLOBE NEWSWIRE) -- K-Bro Linen Inc. (“K-Bro” or the “Corporation”) (TSX:KBL) is pleased to announce that it has signed a share purchase agreement with STAR Capital Partnership LLP to acquire 100% of U.K.-based STAR Mayan Limited (“Star Mayan”) for a cash purchase price of £107.2 million (approximately C$199.1 million), on a cash-free, debt-free basis, including a normalized leve
About this update from K-bro Linen Inc.
[{"type":"image","alt":"K-Bro Linen Inc.","displaySize":"","headline":null,"caption":"K-Bro Linen Inc.","className":"","disableSlideshowImg":false,"size":{"original":{"width":200,"height":200,"url":"https://media.zenfs.com/en/globenewswire.com/b3a163f5c437dbaf2154ba8f13be43f3"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/9VVPz094ZRxfENWZS_5Z5Q--/YXBwaWQ9aGlnaGxhbmRlcjt3PTM2MDtoPTM2MDtjZj13ZWJw/https://media.zenfs.com/en/globenewswire.com/b3a163f5c437dbaf2154ba8f13be43f3","width":200,"height":200}},"lazy":false},{"type":"text","content":"NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES","length":85,"tagName":"p"},{"type":"text","content":"EDMONTON, Alberta, May 13, 2025 (GLOBE NEWSWIRE) -- K-Bro Linen Inc. (“K-Bro” or the “Corporation”) (TSX:KBL) is pleased to announce that it has signed a share purchase agreement with STAR Capital Partnership LLP to acquire 100% of U.K.-based STAR Mayan Limited (“Star Mayan”) for a cash purchase price of £107.2 million (approximately C$199.1 million), on a cash-free, debt-free basis, including a normalized level of working capital (the "Acquisition"). The Acquisition is highly complementary to K-Bro's existing U.K. businesses, Fishers and Shortridge. K-Bro’s combined U.K. platform creates a national footprint in the U.K.'s £1.6 billion commercial laundry and textile rental market.","length":712,"tagName":"p"},{"type":"text","content":"Star Mayan owns 100% interests in three operating businesses: (i) Synergy Health Managed Services Limited (“Synergy”); (ii) Grosvenor Contracts (London) Limited (“Grosvenor”); and (iii) Aeroserve (MSP) Limited and Aeroserve Euro Limited, jointly referred to as Aeroserve Linen Services (“AeroServe”). Star Mayan, doing business as Synergy, Grosvenor and AeroServe, is a leading commercial laundry business in England, serving the healthcare and hospitality markets and has seven operating facilities strategically located across England: Bermondsey, Derby, Dunstable, Sheffield, Slough (2), and St. Helens, in addition to a distribution depot in Manchester. Star Mayan has a diversified customer base including hospitals, healthcare facilities, NHS Trusts, Community Trusts, airlines, marine ferries and hospitality providers.","length":826,"tagName":"p"},{"type":"text","content":"“I am thrilled to announce our transformative acquisitio...