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Serial System to divest stake in Australian laundry business for $43 mil

Michelle Zhu Published on Wed, Sep 12, 2018 / 11:16 AM GMT+8

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SINGAPORE (Sept 12): Serial System, the distributor of electronic components and consumer products, is divesting its entire 27.34% stake in SPL Holdings (Australia) to Anchorage Bridge Street for US$31.2 million ($43 million).

SPL Holdings is an Australia-based commercial laundry business whose clients include hospitality brands such as Hilton, Hyatt and Sofitel. On the other hand, the buyer is a company owned by funds managed by Australian private equity (PE) firm Anchorage Capital Partners.

Serial System first invested in SPL in 2014 with an initial 20% stake, with a further injection in 2016 that brought its stake in the company to 27.34%.