Second cross-border deal for Clearwater Corporate Finance in four months.
Clearwater Corporate Finance (“Clearwater”) has advised on the cross-border sale of Danish cleaning supplies and equipment specialist Clean Care A/S (“Clean Care”) to global outsourcing group, Bunzl plc (“Bunzl”).
Clean Care has been acquired from its former parent company, which is controlled by Jan Knygle and Ole Bæk. Based in Aalborg, Denmark, Clean Care 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. Revenue in the year ended 30 September 2009 was DKK60.4 million (£7 million).
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. This acquisition is a credit to the hard work of both management teams, as well as cross-border collaboration on the part of our colleagues in Denmark.”
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 plc in October.
Andy Moore commented: “Cross-border M&A deals continue to present significant opportunities for both UK businesses and their advisers. Our international ambitions are being effectively supported by our global network, which has proven to be a highly successful outlet for global deal activity in 2009.
“Throughout 2010, we will continue to work closely with our international offices to efficiently advise our clients in the UK and overseas on cross-border deals – utilising local market knowledge to overcome barriers to completion.”