South Pacific Laundry from Australia, sold for almost $300m

The Melbourne-based commercial laundry and dry-cleaning business – South Pacific Laundry – has sold its entire issued share capital to a private equity firm for almost about $300 million.

The sale is stated to be a “great success” for South Pacific’s major shareholder, former CEO and director Choon Ming Tang, as well as for the group’s shareholders, many of whom are employees of the South Pacific group.