Pictured above: Andy Moore
Clearwater Corporate Finance ("Clearwater"), UK member of
exclusive international mergers and acquisitions organisation IMAP,
together with its Danish IMAP office, 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 IMAP 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.
The deal also comes in the wake of IMAP ranking sixth in the
world for completed transactions with values up to $100 million for
the whole of 2009, according to the Thomson Reuters Mid-Market
League Table. This is the fourth consecutive year that IMAP has
been placed in the top 10 for the global mergers and acquisitions
ranking.
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 the worldwide offices of IMAP, which have proven to be
a highly successful outlet for global deal activity in
2009.
"Throughout 2010, we will continue to work closely with our
international IMAP offices to efficiently advise our clients in the
UK and overseas on cross-border deals - utilising local market
knowledge to overcome barriers to completion."