Advance Capital is pleased to announce the sale of a stake exceeding 25% in Blesk InCare, a provider of industrial laundry and linen services operating in Moscow and Kyiv, to private equity fund Elbrus Capital.
Blesk InCare is one of the leading players in the industrial laundry market in Russia and Ukraine. The company provides a full range of services, including industrial laundry and dry cleaning of flat linen and uniforms, as well as linen and entrance mat rental. Currently, Blesk InCare operates four industrial and three commercial laundries across Russia and Ukraine, with total processing capacity exceeding 1,800 tonnes of linen per month and 10,000 sq. m of entrance mats per day. The company has a highly diversified client base of more than 1,200 corporate customers, including hotels, restaurants, hospitals, fitness clubs, the military and business centers.
Elbrus Capital is one of the leading private equity funds in Russia and the CIS. The fund was founded by Dmitry Kryukov, Alexander Savin and Robert Thielen, following the acquisition of the Renaissance Private Equity platform from the Renaissance Group. Elbrus Capital currently manages USD 324 million of capital on behalf of international institutional investors and focuses on investments in fast-growing companies seeking to expand their operations and market share.
The fund plans to invest up to USD 50 million in the development of Blesk InCare. The funds will be used to acquire existing facilities in various regions of Russia and Ukraine, develop new business lines, finance capital construction, purchase equipment and expand production capacity.
Alexander Savin, Partner at Elbrus Capital:
“We are confident that Blesk InCare’s leading market position in industrial laundry services and the attractive long-term outlook of the sector will enable the company, with our support, to significantly scale its business and expand its geographic footprint.”
Dmitry Mantsov, Shareholder and Founder of Blesk InCare:
“The company has ambitious plans for growth, both organically and through the acquisition of regional players. The partnership with Elbrus Capital will undoubtedly support the successful execution of these plans.”
Evgeny Antipov, Partner and Managing Director at Advance Capital:
“We are seeing a clear increase in private equity interest in the business services sector, whose potential remains far from fully realized. Elbrus Capital’s investment is a strong confirmation of this trend.”
Advance Capital acted as the exclusive financial advisor to Blesk InCare.
The deal value is not disclosed.