Linen textile services firm Fisher Holdings has been taken over by its management for £40 million, backed by Bank of Scotland Integrated Finance.

The MBO sees Close Brothers Private Equity (CBPE) exit the company three years after its £9 million investment in the family-run business.

CBPE made 2.9 times its original investment and an IRR of 37 per cent during the investment period.

Fisher is Scotland’s leading supplier of linen textile services to customers in the hospitality, healthcare and leisure sectors.

Accountancy and financial advisory firm Deloitte, led by Cahal Dowds and Craig Campbell, acted as financial adviser to CBPE. Law firm Dickson Minto provided legal advice.