UK
Johnson Service Group (JSG) has acquired Birmingham-based hotel laundry services specialist Zip Textiles (Services) for a £15million cash consideration. The deal is on a debt-free, cash-free basis, together with additional debt of £2.7million, related to finance for recently installed equipment.
The acquisition is expected to immediately enhance earnings but JSG said the main focus is to increase the company's operational capacity and extend its reach of hotel customers. Zip serves the high volume hotel and leisure sectors and will complement Johnson's existing Lincolnshire-based Bourne business in providing geographical reach, operational efficiencies and additional production capacity for central England, with the potential to expand this further.
