Egeria to sell stake in CleanLease

The business has made substantial losses over the past few years due to overcapacity, leading to conflict in the management of the company, which was eventually resolved by a Dutch court, according to Het Financieele Dagblad.

Egeria and Active Capital declined to comment on the transaction, while Ace Partners was not available for comment at the time of publication.

In 2010, Dutch GP AAC Capital Partners sold its stake in textiles service CleanLeaseFortex to Egeria and the management of the target company. The business generated revenues of approximately €135m when acquired by Egeria in 2010, Unquote reported at the time.

Subsequently, Ace Partners injected €2.5m into CleanLease in 2016, acquiring a 20% stake in the company. It also supported the company with a €5m subordinated loan.

Based in Koudekerk aan den Rijn and with roots dating back 1910, CleanLease is a laundry service for hospitals, care homes and the hospitality sector in the Netherlands and Belgium.

Employing 1,400 staff, CleanLease made a turnover of €117m in 2016 with a net loss of €12.8m, Het Financieele Dagblad reported.

CleanLease, formerly known as Fortex, was formed in 2000 by the merger of Rentex Fortex, Derere Industries and Deckers, the Dutch and Belgian laundry and textiles rental company.

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