By a News Reporter-Staff News Editor at Investment Weekly News -- Alliance Laundry Holdings LLC ("Alliance Laundry") announced the signing of an agreement to acquire Primus Laundry Equipment 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 Laundry Equipment 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 Laundry Equipment Group markets commercial washer-extractors, tumbler dryers, ironers and feeding and folding equipment under the Primus, Lavamac and Deli brands. Primus Laundry Equipment Group has annual revenues of approximately EUR 87 million.
Mike Schoeb, Alliance Laundry's President and CEO stated, "We are very pleased to have the Primus organization join our Company. We view their management team, product breadth, distribution, quality focus and commitment to reliability as complementary to our global reach."
Eddy Coppieters, Primus Laundry Equipment Group's CEO stated, "We are excited to join the world leader in commercial laundry. Joining the Alliance team at this point is good for our employees, our customers and the industry."
Completion of the transaction, which is expected to close prior to the end of March, is subject to customary closing conditions. 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® and Cissell®, Alliance produces a full line of commercial washing machines and dryers with load capacities from 12 to 200 pounds. Certain of our commercial products are also sold in the consumer laundry marketplace. Alliance Laundry's worldwide employment was 1,887 at the end of December 2013. With 2012 net revenues of $505.5 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.
Keywords for this news article include: Finance and Investment, Investment and Finance, Alliance Laundry Holdings LLC.
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