EDMONTON, Alberta, Canada –K-Bro Linen Inc., announced that it has completed its acquisition of Buanderie Para-Net (“Paranet”), in a recent news release.
The transaction was valued at an enterprise value of $11.5 million and a potential earnout of $1.9 million.
K-Bro is an owner / operator of laundry and linen processing facilities in Canada providing a comprehensive range of general linen and operating room linen processing, management and distribution services to healthcare institutions, hotels and other commercial accounts.
Paranet is a private laundry and linen services company for the Quebec City healthcare and hospitality markets.
“With continued momentum in our business, we have been refocusing on strategic acquisitions and have an active M&A pipeline. The Paranet acquisition is another example of our strategy of acquiring high-quality operators with leading market positions enabling K-Bro to grow market share in key regions,” said Linda McCurdy, President and Chief Executive Officer at K-Bro.
“The acquisition also provides us with additional operating efficiencies, capital expenditure synergies, and significant growth capabilities,” said McCurdy. “We remain well positioned from a balance sheet and liquidity perspective and will continue to be disciplined as we evaluate acquisitions.”