Alliance Laundry has closed its buy of Primus Group. No financial terms were disclosed. BMO Capital Markets advised Alliance Laundry on the transaction. Alliance Laundry is an indirect subsidiary of ALH Holding, a portfolio company of the Ontario Teachers’ Pension Plan managed by Teachers’ Private Capital. Primus Group, which is headquartered in Gullegem, Belgium, markets commercial washer-extractors, tumbler dryers, ironers and feeding and folding equipment under the Primus, Lavamac and Deli brands.
RIPON, Wis.–(BUSINESS WIRE)–Alliance Laundry Holdings LLC (“Alliance Laundry”) today announced that they completed the acquisition of Primus Laundry Equipment Group (“Primus Group”).
Alliance Laundry is an indirect subsidiary of ALH Holding Inc., a portfolio company of the Ontario Teachers’ Pension Plan managed by its private equity investment division, Teachers’ Private Capital.
Primus Group is headquartered in Gullegem, Belgium with production facilities in Pribor, Czech Republic and Guangzhou, China; and sales offices in France (Lyon), the UAE (Dubai), Spain (Barcelona) and Hong Kong. Primus Group markets commercial washer-extractors, tumbler dryers, ironers and feeding and folding equipment under the Primus, Lavamac and Deli brands. With approximately 640 employees, Primus Group net revenues for 2013 were approximately EUR 87 million.
Mike Schoeb, Alliance Laundry’s President and CEO, stated, “Primus is a great strategic fit for Alliance. We view their management team, customers and focus on durability and reliability as complementary. This important acquisition provides additional product breath, significantly expands our international footprint and provides unrivaled scale in the commercial laundry industry.”
“This is a very exciting development for the Primus Group which opens up many new opportunities for our company and our distribution partners. We are pleased to join the Alliance family, and we look forward to our continued success as we work together to execute on potential synergies and drive global growth,” said Eddy Coppieters, Primus Group’s CEO.
The Primus Group management team will continue to lead their company in serving the commercial laundry industry.
BMO Capital Markets acted as exclusive financial advisor to Alliance Laundry on the transaction and was the lead left bookrunner for an add-on to Alliance Laundry’s existing first-lien senior secured term loan. Proceeds from the add-on loan, along with available cash, were used to finance the purchase of Primus Group.
About Alliance Laundry Holdings LLC
Alliance Laundry Holdings LLC is the parent company of Alliance Laundry Systems, a leading designer, manufacturer and marketer of commercial laundry equipment used in laundromats, multi-housing laundries and on-premise laundries. Under the well-known brand names of Speed Queen®, UniMac®, Huebsch®, IPSO®, Cissell®, Primus®, Lavamac® and Deli®, Alliance produces a full line of commercial washing machines, dryers and ironers with load capacities ranging from 12 to 265 pounds. Certain of our commercial products are also sold in the consumer laundry marketplace. Alliance Laundry’s worldwide employment combined with Primus Group was 2,528 at the end of December 2013. With combined 2013 net revenues of $670.0 million, Alliance Laundry is the world’s leading manufacturer of commercial laundry equipment. For more information, visit www.alliancelaundry.com.
About Ontario Teachers’ Pension Plan
With $129.5 billion in net assets as of December 31, 2012, the Ontario Teachers’ Pension Plan (Teachers’) is the largest single-professional pension plan in Canada. An independent organization, it invests the pension fund’s assets and administers the pensions of 303,000 active and retired teachers in Ontario. Teachers’ Private Capital (TPC), the private equity investment division of Teachers’, manages a global portfolio valued at approximately $12 billion. For more information, including a copy of the 2012 and previous annual reports, visit www.otpp.com.