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K-Bro Linen Inc. Q3-2019 Earnings, Price Target Update

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K-Bro Linen Inc. (KBL) is the largest owner and operator of laundry and linen processing facilities in Canada contributing 75% of revenues and 25% from operations for laundry and textile rental services in Scotland and the North East of England. Total assets are $353M as at Sept-30-2019 compared to $169M as Dec-31-2016. The increase was from $58M of acquisitions and $125M of capital spending on capacity expansion. Margins were negatively impacted during the 2017-mid 2019 period related to transitioning to larger capacity facilities for their major plants in Vancouver and Toronto.

K-Bro provides a range of linen services to healthcare institutions, hotels and other commercial accounts that include the processing, management and distribution of general linen and operating room linen. Revenues in Canada are split with two thirds from health services and the balance from the hospitality sector. Facilities in Canada include nine processing facilities and two distribution centres under three distinctive brands: K-Bro Linen Systems Inc., Buanderie HMR, and Les Buanderies Dextraze. They operate in ten Canadian cities: Québec City, Montréal, Toronto, Regina, Saskatoon, Prince Albert, Edmonton, Calgary, Vancouver and Victoria. Operations in the UK include Fishers Topco Ltd., acquired by K-Bro in Nov-2017. Fishers, established in 1900 is a major operator of laundry and linen processing facilities in Scotland, providing linen rental, workwear hire and cleanroom garment services to the hospitality, healthcare, manufacturing and pharmaceutical sectors. They operate six sites located in Cupar, Perth, Newcastle, Livingston and Coatbridge.

In Canada, laundry and linen services are provided to healthcare, hospitality and other commercial customers. Typical services include the processing, management and distribution of general and operating room linens, including sheets, blankets, towels, surgical gowns and drapes and other linen. Other types of processors in K-Bro's industry include independent privately owned facilities (i.e. typically small, single facility companies), public sector central laundries and public and private sector on-premise laundries (OPL's). Participants in other sectors of the Canadian laundry and linen services industry, such as uniform rental companies (which own and launder uniforms worn by their customers' employees) typically do not offer services that significantly overlap with those offered by K-Bro. In the UK includes Fishers laundry and linen services to healthcare, hospitality and other commercial customers. Typical services offered by Fishers include the processing, management and distribution of general linen, workwear and clean room garment services. Other types of processors in Fishers industry in the UK include publicly traded companies, independent privately owned facilities (i.e., typically, small single facility companies), public sector central laundries and public and private sector OPLs.

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