G+T advised Adamantem Capital on its acquisition of the Spotless commercial laundries business from Downer and the subsequent establishment of a joint venture between Adamantem Capital and Downer in respect of the business.
Spotless Laundries was founded in 1946 and is Australia’s leading provider of laundry management services.
This is the first transaction from Adamantem Capital’s recently launched buyout fund Adamantem Fund II. G+T worked closely with Adamantem across all aspects of the transaction from structuring, due diligence, financing and shareholder arrangements.
G+T Corporate Advisory partner Hiroshi Narushima led the transaction, with lawyers Oliver Yee and Sean Macdonald. The team was also supported by experts across the firm including partners Ben Fuller, Tim Gole, Amanda Hempel and Rob Trowbridge, special counsel Jo Bayes, lawyers Jen Bradley, Anna Smyth, James Frixou, and consultants Sune Crafford and Wenzo Mnguni.
Hiroshi said “We enjoy working with the team at Adamantem Capital. This is their first investment out of Adamantem Fund II. We know their team and experience in this industry along with the input of Downer as a joint venture partner will ensure the Spotless laundries business can grow strongly into the future”.
Gilbert + Tobin’s market-leading M&A/Corporate Advisory team regularly advises on many of Australia’s largest and most innovative transactions, including recently advising KKR on the proposed acquisition of a 55% interest in Colonial First State (CFS) and establishment of a joint venture with Commonwealth Bank of Australia, with the transaction valuing CFS at $3.4 billion, Westpac on the sale of its Vendor Finance business, Anheuser-Busch InBev on the $16 billion sale of Carlton & United Breweries to Asahi Group and GrainCorp on the $3.3 billion demerger of GrainCorp’s international malting business.