Gilbert + Tobin (G+T) has advised Adamantem Capital on the unitranche financing of its acquisition of the Spotless commercial laundries business from Downer.
Spotless Laundries has grown to become Australia’s leading provider of laundry management services, with 13 commercial laundries servicing 4,800 clients across Australia and New Zealand and processing over 120,000 tonnes of laundry every year.
G+T advised on the financing package comprising of a A$120 million unitranche facility and a A$20 million super senior revolving working capital facility.
The team advising Adamantem Capital was led by Banking + Infrastructure partner Robert Trowbridge, with support from lawyer James Frixou and consultants Suné Crafford and Wenzo Mnguni.
Robert said, “We are proud to have been involved in the first transaction for the recently launched buyout fund Adamantem Fund II. We are pleased to be involved in another successful Unitranche + SSRCF financing, offering our Sponsor clients additional flexibility on terms with the opportunity to work with a small group of committed lenders who truly understand the Sponsor’s business.”
G+T’s involvement in this transaction, together with its roles on the majority of unitranche structures in the Australian market, further cements G+T’s place as a leader in the alternate debt space in Australia.
Other unitranche deals G+T has advised on include the financings of Quadrant Private Equity’s acquisition of QMS Media Limited, BGH Capital’s acquisition of Navitas, TPG Capital’s acquisition of Greencross, KKR’s acquisition of Laser Clinics, the merger of Arrotex and Apotex, and many others.
Gilbert + Tobin’s Banking + Infrastructure team is recognised in the leading legal directories, including most recently being ranked at Band 1 for Banking and Finance – Acquisition Finance by Chambers Asia-Pacific 2020. In the IFLR1000 Specialists Guide 2019, G+T is recognised for work in Unitranche financings, the only Australian firm to be recognised.