Celtic Acquires Millbrook Linen
Celtic Linen, Wexford, Ireland, recently announced its acquisition of Millbrook Linen, Naas, Ireland. The purchase was finalized on Feb. 5, according to a news release.
Celtic Linen serves both the healthcare and hospitality sectors in Ireland. The company is now valued at 20 million euro ($24.4 million) after the acquisition of Millbrook Linen. The acquisition of Millbrook allows Celtic Linen to expand to a second location and bolster its services to include growth in tourism in the Irish market. This transaction will enhance Celtic’s capacity and improve the company’s services to hospitals, care homes, hotels, hostels and restaurant customers in the Dublin area and across the rest of Ireland, the release said.
Millbrook Linen’s Karen and Keith Sheridan will join the management team of the enlarged group and become shareholders in the Celtic Linen group. “We are really pleased that Keith Sheridan, Karen Sheridan, Rhona Sheridan and the rest of the Millbrook team will be joining Celtic Linen,” said Donald Campbell, CEO of Celtic Linen. “Millbrook has an excellent reputation with its customers and the combined business will be much better placed to provide excellent service to hospitality and healthcare customers throughout Ireland.”
Funding for the acquisition was provided by Dublin-based SME private equity investor, Causeway Capital, with debt financing provided by Ulster Bank. Causeway Capital initially invested in Celtic Linen in December 2016, backing the management team led by Campbell and CFO Joanne Somers to lead the business out of examinership. The team has since completed a multimillion euro investment at Celtic Linen’s facility in Wexford to improve the quality of linen and the efficiency of the equipment resulting in improved service delivery for customers.
In addition to the acquisition, Celtic Linen also appointed Tom Joyce as chairman and a nonexecutive director of the group. Joyce is a linen, uniform and facility services industry veteran. He previously served as managing director of Connacht Court Group until 2003.
To read the full news release, click here.