The private equity fund (PEF) management firm STIC Investments will acquire the laundry franchise corporation, Cleantopia, held by JKL Partners.
According to the investment banking (IB) industry on the 22nd, the seller side of Cleantopia plans to designate STIC Investments as the preferred negotiation partner. They will provide exclusive negotiation rights for a certain period and plan to sign a stock purchase agreement (SPA). They aim to complete the transaction within the year.
The sale price of Cleantopia is expected to be set at around 600 billion won. A global PEF management firm was identified as a major bidder, but STIC Investments has gained the upper hand. JKL Partners acquired Cleantopia for about 190 billion won in 2021.
STIC Investments recently failed to secure transactions such as HS HYOSUNG's tire steel code business and SK ecoplant's environmental business. In a situation where they need to quickly acquire corporations to increase management fees, the acquisition of Cleantopia has allowed them to build performance.
Cleantopia entered the medical laundry market in 2015 and the uniform laundry market in 2021. In 2023, it acquired the hotel linen laundry specialist, CleanWash. Cleantopia's revenue last year was 279.7 billion won, and its earnings before interest, taxes, depreciation, and amortization (EBITDA) was 36.5 billion won.