Nortec A/S Invests in Big

British Company

Today, Nortec is pleased to announce our most substantial investment to date. We have invested in the British laundry service company, WASHCO. Over the next four years, Nortec will acquire a total ownership stake of 25% in the growing British business.

WASHCO is the second-largest player in the UK market for professional laundry services and has achieved impressive growth over many years. The company provides everything from consulting and financing to service and support across the UK. Their solutions are mainly aimed at communal laundries in student accommodations, healthcare, and care sectors, as well as the English defense.

Nortec's CEO, Michael Sand, states: "From my very first meeting with WASHCO, it was clear to me that our approach to running a service business within the laundry industry is very similar. We share many of the same values, which 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 develop their businesses together for the benefit of our customers in both Denmark and the UK."

There are many similarities between the Danish and British markets for professional laundries. In both markets, customers increasingly wish to outsource the operation of their laundries to professional specialists who can ensure efficient operations while maintaining a high level of service for both machines and users. This is what we call TotalCare in Denmark. Therefore, there is potential for a fruitful cooperation between the two companies.

"Our innovative and dedicated approach has played a significant role in Nortec's progress, where we have, among other things, developed our payment system and launched the TotalCare concept in the Danish market. We look forward to contributing to the further development of an already well-functioning company and to exploring new opportunities that can benefit customers in both the UK and Denmark," Michael Sand explains.

Nortec was founded in 1988 with a focus on servicing professional laundries. Since then, we have evolved to offer complete solutions for professional laundries and charging solutions for electric vehicles throughout Denmark. Today, Nortec is the market leader in operating professional laundries with Denmark's largest service department.

WASHCO's CEO, Peter Hosking, comments: "I’m incredibly excited about working with the team from Nortec. The culture of the two companies is very similar, with a passion for delivering great service at the heart of both companies. We’re confident that combining Nortec’s experience in managed laundries with WASHCO’s service experience will bring huge value to our customers."

Nortec's investment in WASHCO is an active investment where knowledge sharing and joint development are key. Therefore, we will, along with WASHCO, regularly hold meetings for mutual consultation and business development. As part of this approach, Nortec's CEO, Michael Sand, will also become an active member of WASHCO's board.