Nortec's largest investment to date
Nortec can today announce its largest investment to date. We have invested in the British laundry company, WASHCO. Over the next four years, Nortec will achieve a total ownership stake of 25% in the British growth company.
WASHCO is the second-largest player in the UK market for professional laundry operations and has achieved impressive growth over many years. The company offers everything from advising and financing to service and support throughout the UK. Their solutions are primarily targeted at communal laundries in student housing, the healthcare and nursing sectors and the British military.
"From my very first meeting with WASHCO, it quickly became clear to me that our approach to running a service company in the laundry industry is very similar. We share many of the same values that form the foundation of our respective businesses. Since our first meeting, the collaboration has flourished, and I am incredibly proud that we can now make the partnership between our two companies official. With our investment in WASHCO, we aim to create a strong common foundation where Nortec and WASHCO can exchange experiences and jointly develop the businesses for the benefit of our customers in both Denmark and the UK," says Michael Sand, CEO and owner of Nortec.
Innovation is the foundation for progress
"Our innovative and dedicated approach has played a significant role in Nortec's progress, where we have, among other things, developed our own payment system and launched the TotalCare concept in the Danish market. There are many similarities between the Danish and British markets for professional laundries. Both markets are characterized by customers largely wanting to outsource the operation of their laundries to professional specialists who can ensure efficient operations while providing a high level of service to both machines and users. This is what we call TotalCare in Denmark. Therefore, there is a fertile ground for a fruitful collaboration between the two companies," continues Michael.
We look forward to contributing to the further development of an already well-functioning company and exploring new opportunities that can benefit customers in both the UK and Denmark.
Michael Sand, CEO and owner at Nortec
An active investment
"I am incredibly excited that Nortec has now become part of the ownership of WASHCO, and I really look forward to our future collaboration. The cultures in the two companies are very similar, with a passion for delivering fantastic service at the heart of both companies. We are confident that Nortec's experience in running laundries, combined with WASHCO's service expertise, will bring great value to our customers," continues Peter Hosking, CEO of WASHCO.
The cultures in the two companies are very similar, with a passion for delivering fantastic service at the heart of both companies.
Peter Hosking, CEO at WASHCO
Nortec's investment in WASHCO is an active investment where knowledge sharing and joint development are key. Therefore, together with WASHCO, we will regularly hold meetings that offer opportunities for mutual sparring and business development. As part of this approach, Nortec's CEO, Michael Sand, will also become an active member of WASHCO's board.
