A leading Swiss manufacturer of washing machines and dryers has expanded its portfolio to the French market following an acquisition supported on by RWK Goodman.

Schulthess Maschinen AG, a major provider of laundry technology for domestic and commercial purposes, has acquired Armstrong France, a leading specialist in the French market for laundromats and communal laundry rooms, in a cross-border deal that ensures Schulthess continues to expand its market share across mainland Europe.

The acquisition will allow Schulthess to expand its digital solutions and systems to a wider European market as part of its ongoing strategic expansion and growth, with plans to integrate the business gradually to ensure a core focus on continuity and the strengthening of existing customer relationships.

A team from RWK Goodman led by partner John North advised on the English law aspects of the transaction, with additional support from solicitor Kayleigh Tang on corporate elements and senior associate Vijay Ladhani on transaction financing requirements.

John said: “It was a pleasure to work with Martin Keller (CFO) and his team at Schulthess again and support our client as it takes another step in its ambition to expand its presence as a market leader in Europe. This was a complex acquisition which required experience working across borders and languages to ensure that the matter proceeded smoothly and successfully to completion.”

Alongside RWK Goodman, Forvis Mazars advised Schulthess on the French law elements of the transaction (including due diligence) while Baker McKenzie advised on Swiss financing requirements. Aaron & Partners were the English advisers for Armstrong France, with Ydès Avocats acting on French law matters.

Armstrong France has been an established provider of laundry and dry-cleaning solutions in France since 2001, operating around 400 of its own laundries across the country and providing a comprehensive communal laundry offering to operators of residential complexes, holiday resorts, and care facilities.

Thomas Marder, Schulthess CEO, said in the press release: “With Armstrong France, we are not only gaining a strong partner, but also direct access to a dynamic market with great potential. Our durable and energy-efficient products, as well as our digital services, will bring long-term added value to the French laundry market."

Martin Keller, Schulthess CFO, added: “Any cross border acquisition is complex and so we’re thankful to the team at RWK Goodman for not only supporting us on the English law aspects but also managing the legal process overall working with our own French legal advisers Forvis Mazars and the Seller’s English and French law firms.”