Clearwater cleans up on Denmark
Who?
Clearwater Corporate Finance’s Birmingham team.
Did what?
Has advised on the cross-border sale of Danish cleaning supplies and equipment specialist Clean Care to global outsourcing group Bunzl.
What does this mean?
Clean Care, based in Aalborg, has been acquired from its former parent company. It is principally engaged in the supply of cleaning and hygiene consumable products and equipment to a variety of end users, including contract cleaners and other industrial and institutional customers throughout Denmark. Andy Moore, partner at Clearwater, said: “Having been aware of Bunzl’s strong appetite for expansion in Scandinavia and its existing Danish operation, we saw Clean Care as a good fit for the business.”
Insider comment:
For the six months to 30 June, Bunzl reported revenues of £2,293.3m and opertain profit of £111.2m. Clean Care's revenue for the year ended 30 September 2009 was DKK60.4m.
This is the second cross-border deal that Clearwater has completed in recent months, following the sale of Dublin-based power plant installation, commissioning and maintenance specialist Shanahan Engineering to Scotland’s Wood Group in October.
Andy Moore said: “Cross-border M&A deals continue to present significant opportunities for both UK businesses and their advisers.”
