Chemicals firm buys out laundry business
Belgian chemicals firm Christeyns has made its second acquisition this year of a UK company.
Belgian chemicals manufacturer Christeyns has bought Leicester-based laundry subsidiary Alex Reid from Cheshire-based Johnson Service Group.
Christeyns, which has a UK base in Bradford, paid £2.1 million for Alex Reid after successful sales negotiations, which will enable Johnson to pay down some of its debt.
The deal is favourable to Johnson in other ways, with its chairman John Talbot explaining: "We are pleased that we have secured a multi-year agreement to continue to use the services of Alex Reid under its new ownership."
This three-year deal means Alex Reid products will now be supplied to Johnson for three years.
Mr Talbot noted that Johnson had decided in July this year that Alex Reid was not a "core" business for the group.
It is not the first acquisition made by Christeyns this year, taking a stake in chemicals for Warrington-based food hygiene specialist British Klenzan in August.
Commenting at the time, Klenzan managing director John Bell said the financial clout and expertise in the sector of Christeyns made it the "ideal partner" to help his firm grow.