CBPE exits Scottish linen

Close Brothers Private Equity, a UK mid-market private equity firm, has sold Fisher Holdings, a linen textile services business, to management backed by Bank of Scotland Integrated Finance in a £40m (US$82.5m) deal.

CBPE invested £9m in the £23m management buyout of Fishers from the Fishers family in 2004, generating a money multiple of 2.9 times and an internal rate of return of 37%. Deloitte and Dickson Minto advised CBPE.

Based in Scotland, Fishers supplies linen textile services to customers in the hospitality, healthcare and leisure sectors, as well as providing garment laundry services to industrial customers in the electronics, pharmaceutical and food processing sectors.