A Tallaght laundry firm has been snapped up by a multibillion-euro French buyer
Elis has acquired Kings Laundry, which employs up to 550 people at peak times.
A MAJOR LINEN supplier to Irish hotels has been acquired by a billion-euro French laundry services group.
Tallaght-based Kings Laundry was set up in 2000 and employs up to 550 people at peak times.
The Irish firm operates two plants in Cork and Dublin dedicated to its linen services. Last year, Kings Laundry registered sales of around €30 million.
As part of an expansion into further European markets, French-based laundry services group Elis has agreed a deal to acquire total control of Kings Laundry from its Irish shareholders. The financial value of the deal has not been disclosed.
Elis’s acquisition of Kings Laundry is still subject to regulatory approval by the competition watchdog. It is expected the deal will be finalised before the end of this year.
Elis, which is listed on the Euronext stock market in Paris, already has operations spread across much of Europe and in Latin America. It offers a range of textile, hygiene and facility services.
Elis chief executive Xavier Martiré said the founder of Kings Laundry, Robert McGovern, will stay on board at the firm as its country CEO.
Kings Laundry's plant in Tallaght
The deal to acquire Kings Laundry has come a year after Elis bought UK-based competitor Berendsen in a deal worth £2.2 billion.
Elis, which operates in 28 countries and has 45,000 people on its books, recorded revenues of €2.2 billion during 2017. The French firm already has a presence in Ireland through Berendsen, which employs 550 people at its Irish base.
Accounts
Based on the turnover figures released for Kings Laundry as part of the acquisition deal, the firm enjoyed a healthy bump in sales over the past two years.
The €30 million sales figure registered for 2017 was an around-€6.5 million increase on the figure recorded the previous year.
The most recent published accounts for Kings Laundry Limited show the firm made a €1.6 million profit during 2016, which pushed accumulated profits up to €12.4 million.
Kings Laundry began business 18 years ago servicing just restaurants in the Dún Laoghaire area. The business is now responsible for supplying over 50,000 hotel bedrooms at a range of three- and five-star hotels.
Overall, the firm has nearly 600 customers in Ireland and turns over 1.8 million pieces of linen each week.
