Australian Laundry Services Pty Ltd ABN 10 007 100 900 (“ALS”), with locations in major centres in Australia and headquartered in Perth WA is well placed to substantially boost revenue and profitability. Mr Washer is now 69 years old and wishes to see an orderly succession plan implemented whereby the very experienced management team are backed by investors to buy out Mr Washers 65% shareholding.
Mr Washer has reduced his executive involvement over the past year or two and the management team, led by Steven Zoffen are most capable to not only taking over the running of the group but also expanding operations. The company has options to acquire two companies with 6 plants and $80m of revenue and the dynamic management team have the ability and keenness to double revenue and profitability and add substantial value for all shareholders.
PCP are advising the company on various matters to become investor ready and for the management team to upscale their reporting functionality and shareholder engagement given the likelihood of a large register of members to pay out Mr Washer.
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