Close Brothers Private Equity (CBPE) has completed the management buy-out of Fishers Holdings (“Fishers”). The purchase price was £30.6m (inclusive of cash balances of £7.3m).

Fishers, which has been acquired from the Fisher family, is one of the UK’s largest specialist laundry and textile rental suppliers.

Fishers is Scotland’s largest supplier of flat linen textile services to customers in the hospitality and leisure sector such as Hilton, Gleneagles and MacDonald Hotels. In addition the company supplies flat linen to the healthcare sector.

Fishers also supplies garment laundry services to a wide range of industrial customers in the oil and gas, electronics, pharmaceuticals and food processing sectors. Its customers include BP, Walkers and Baxter Food Group.

The family owned business, founded in 1900, has an annual turnover in excess of £20m, and employs 600 people across its four sites located in Cupar (Riggs Place and Prestonhall), Perth and Aberfeldy.

Donald Fisher, Chairman of Fishers, is to transfer ownership of the business to the company’s senior management team of Victor Ward, Managing Director, Bruce McHardy, Deputy Managing Director and Roddy Mackay, Finance Director.

Sean Dinnen, partner of CBPE, who led the deal, said: “We are backing an experienced and capable management team led by Victor Ward, who has been with the firm since 1986. Our investment in the business will enable Fishers to develop further its niche market position in the UK’s textile rental service industry.” John Fisher of CBPE (not a member of the Fisher family) will join the board as Non-Executive Director.

Victor Ward said: “Both Donald and the senior management team are delighted to have secured this deal with CBPE as it represents the best way forward for the company. It will help ensure that the business remains in Scotland and that we are able to continue to build a successful future for our employees. Under Donald’s guidance, the senior management team and all our committed workforce have helped grow Fishers into one of the UK’s most successful linen textile service firms. We are now looking forward to building on the year on year growth of the business and continuing to move it forward.”

Bank of Scotland, Fishers’ bankers for over 80 years, provided debt funding in support of the transaction.

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Contact:
Close Brothers Private Equity
Sean Dinnen: +44 (0)20 7065 1132
John Fisher: +44 (0)20 7065 1134

This press release has been issued by Close Brothers Private Equity.