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Unquote
  • Portfolio management

MML’s Clean Linen buys Paragon

  • Alice Murray
  • Alice Murray
  • 08 January 2016
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Clean Linen, a laundry operator backed by MML Capital, has acquired Stevens Hatherley Holdings, which trades as Paragon Laundry.

The deal was supported with debt from Permira Debt Managers.

Previous funding
MML first backed Clean Linen in December 2014, acquiring a significant majority stake in the company.

Paragon Laundry

  • DEAL:

    Portfolio management

  • LOCATION:

    Cheltenham

  • SECTOR:

    Business support services

In October 2015, MML supported Clean Linen's acquisition of the trade and assets of Watford Launderers and Cleaners.

Company
Paragon is a linen and garment rental provider. It typically serves UK hospitality clients including hotel groups, bed and breakfasts, retailers and factories. It operates through sites and depots in Cheltenham, Nottingham, Ross-on-Wye, Yeovil, Clydach and Steverton.

The company is also a shareholder of Brilliant Laundry Group.

People
MML Capital – Rob Devonshire (investment manager); Luke Jones (partner).
Paragon – David Stevens (joint managing director).
Clean Linen – Jason Miller (CEO).

Advisers
Company – Livingstone Partners, Bill Troup (Corporate finance).

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