Bidvest Set To Acquire 100% Of Citron Hygiene LP
Bidvest Set To Acquire 100% Of Citron Hygiene LP. Bidvest is pleased to announce that it has entered into an agreement to acquire 100% of Citron Hygiene LP from Birch Hill Equity Partners and other investors. The acquisition is subject to UK Competition and Markets Authority approval. The CMA decision is expected within five months of submission.
Citron is a provider of washroom hygiene products and services in the USA, Canada and UK. The service offering includes a comprehensive range of commercial washroom hygiene solutions, contracted menstrual hygiene products, consumables and equipment. Citron, headquartered in Toronto, Canada, was founded in 1974 and serves approximately 50 000 customer locations from seven branches in Canada, four in the USA and ten in the UK. Some 90% of revenue is recurring and the customer base spans manufacturing, hospitality, facilities management, education, commercial and healthcare. The Canadian branch network covers all major cities while, in the USA, the network is concentrated in the north-east and covers five of the 30 most populous cities.
The Acquisition of Citron is aligned to Bidvest’s stated strategic intent of expanding its international presence in hygiene services as well as facilities management and the distribution of plumbing and related products
Bidvest is of the view that Citron’s service offering, and geographic presence will be complementary to Bidvest’s Services International division. Several best practices can be shared, and infrastructure leveraged, thereby improving and deepening the overall service offering. Importantly, Citron’s geographic footprint allows for the division’s growth optionality in the USA and optimisation in the UK.
