New Berlin-based ITU AbsorbTech
has agreed to acquire some assets of Milwaukee-based uniform rental and industrial supply company Spic and Span Inc.
The transaction is scheduled to close Friday for an undisclosed price.
[caption id="attachment_144023" align="alignright" width="480"]
Jim Leef, president of ITU AbsorbTech, accepts the #1 Business of the Year award from Waukesha County Business Alliance in 2016.[/caption]
Spic and Span, which was founded in 1902 and has about 40 employees, will close on March 30. ITU will take on about eight employees, several pieces of equipment and Spic and Span’s contracted customers beginning April 2 from its processing plants in New Berlin and Neenah. Spic and Span president Bob Miller said the customer list is a valuable asset. He declined to disclose Spic and Span's revenue.
Miller pointed to his retirement as a reason for the closure. He spoke with several potential buyers, and said ITU was the best cultural fit.
"The people that we have here were not interested in acquiring because they, too, are reaching retirement age,” Miller said. “Many of the older ones, myself included, have wanted to retire for some time.”
ITU, founded in 1930, provides laundry service for manufacturers’ reusable absorbents, towels, mops, floor mats and cotton roll towels. The company has approximately 400 employees at 13 locations in the eastern half of the U.S. Its 2015 revenue
was about $50 million.
“Spic and Span has been a great competitor of ITU AbsorbTech for a long time,” said Jim Leef, president and owner of ITU AbsorbTech. “Its customers are a great fit for us. We look forward to providing them with the high level of service they’re accustomed to receiving.”