06:39 AM EDT, 04/30/2024 (MT Newswires) -- K-Bro Linen ( KBRLF ) said Tuesday that it bought Shortridge, a hospitality laundry business based in northwest England.

The company purchased Shortridge for 24.1 million British pounds ($41.2 million), on a cash-free, debt-free basis and with a further potential earn-out of 2 million pounds if certain targets are achieved in the 12 months through September.

The transaction includes the freehold and leasehold real estate for Shortridge's laundry processing facilities. The acquisition is being funded entirely from K-Bro's recently increased syndicated debt facility and is expected to be accretive to K-Bro.

K-Bro will retain Shortridge's management team and staffers across its three sites.