Celtic Linen acquires Millbrook to create a €20m-valued laundry business

Celtic Linen acquires Millbrook to create a €20m-valued laundry business

Celtic Linen acquires Millbrook to create a €20m-valued laundry business in Ireland. By acquiring one main competitor which provides services to the healthcare and hospitality sectors, Celtic will now have a facility in Naas alongside its existing facility. The new entity has an enterprise value of around €20m, with roughly 300 employees. Funding for the deal was provided by SME-focused private equity firm Causeway Capital, which backed Celtic Linen out of examinership in December 2016. Ulster Bank provided debt financing.

This transaction caps a period of significant investment for Celtic Linen during 2017. The company has already completed a major upgrade to its Wexford facility investing in new, high-quality textiles to improve the efficiency of its business and the quality of service. Karen and Keith Sheridan of Millbrook are joining the management team of the enlarged group and have become shareholders.