Alliance Laundry Holdings Inc. Overview
Alliance Laundry Holdings is the world's largest pure-play designer and manufacturer of commercial laundry systems. It sells washer-extractors, top- and front-load washers, tumble and small-chassis dryers, ironers, service parts, digital controls and captive equipment financing under the Speed Queen, Huebsch, UniMac, IPSO and Primus brands. The company estimates it holds about 40% of the North American commercial laundry market and is roughly twice the size of its next competitor in commercial end markets. Demand is anchored in replacement of an estimated eight-million-unit installed base across about 150 countries. Customers are laundromats, multi-housing route operators, hotels, hospitals and fire stations, plus a fast-growing "commercial-in-home" residential niche. A "local-for-local" footprint (Wisconsin, Czech Republic, Thailand, China) gives tariff and supply-chain insulation. Alliance completed its NYSE IPO in October 2025 after a decade of BDT ownership. It now combines mid-to-high single-digit organic growth, ~26% adjusted EBITDA margins and rapid deleveraging, while remaining a BDT-controlled company.
Company's own description (paraphrased from the FY2025 10-K)
The FY2025 10-K opens with the tagline "Every Day is Laundry Day" and describes Alliance as "the world's largest designer and manufacturer of commercial laundry systems" [10-K FY25]. In substance, management describes:
Focus: a pure-play commercial laundry franchise with more than a century of engineering heritage. It targets premium reliability and durability in demanding, high-utilization applications where downtime costs customers revenue or operational continuity.
Market: a third-party study sizes the combined commercial, residential and industrial laundry systems market at about $82B (2023). Commercial laundry systems, Alliance's core market, generated nearly $7.4B in revenue in 2023 [10-K FY25].
Purchase drivers: customers buy on total cost of ownership rather than upfront price. Purchases often run to hundreds of thousands of dollars per site, and this supports a price premium over competitors.
Distribution: about 600 independent distributors, selling into about 4,000 independent retail locations, supplemented by direct sales offices and direct sales to route operators.
Business model and revenue model
| Revenue stream | Description | FY2024 (USD Mn) | FY2025 (USD Mn) | Source |
|---|---|---|---|---|
| Equipment, service parts and other | Machines (dominant), aftermarket parts, consumables, digital subscriptions, Partner API fees, licensing | 1,459.7 | 1,659.7 | [PR Q4/FY25] |
| Equipment financing | Interest and fee income on laundromat and route-operator equipment loans, funded via an asset-backed facility | 48.7 | 49.6 | [PR Q4/FY25] |
| Total net revenues | — | 1,508.4 | 1,709.2 | [PR Q4/FY25] |
The company does not separately disclose product vs. aftermarket vs. subscription vs. licensing revenue. Equipment financing was about 2.9% of FY2025 revenue (analyst-computed).
The revenue model is predominantly product sales, with recurring characteristics from three sources:
Replacement cycle: management estimates a 7–13-year market replacement rate on an ~8M-unit installed base.
Aftermarket: more than 150,000 parts are available online.
Recurring streams: financing income, digital subscription services and consumables. Management cites a growing chemical-inclusive pricing trend in vended laundry [10-K FY25].
Value chain position
| Channel | Share of global revenue | Source |
|---|---|---|
| Independent third-party distributors | ~71% | [10-K FY25] |
| Direct sales to communal-laundry route operators | ~9% | [10-K FY25] |
| Domestic company-owned sales/distribution offices | ~13% | [10-K FY25] |
| International sales offices | ~6% | [10-K FY25] |
Alliance is a vertically integrated OEM. Its plants carry out fabricating, machining, painting, assembly and finishing, and double as finished-goods and parts distribution centres. It also performs in-house engineering and testing (about 800 test bays with 24×7 capability) [10-K FY25].
Downstream it reaches end users through:
Concentration is low:
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The top 10 distributors were about 30% of FY2025 revenue.
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No single distributor exceeded 5% [10-K FY25].
Upstream it depends on steel (the largest input), motors, aluminium castings, electronic controls, corrugated packaging and plastics. Some components are single- or sole-sourced [10-K FY25].
Customer types and end markets
| End market | Description | Disclosed datapoints |
|---|---|---|
| Vended — laundromats | Pay-per-use stores; professionalizing toward multi-site operators with larger machines | ~1.1M laundromat machines installed in the U.S.; machines per store forecast to rise from 56.0 (2024) to 60.1 (2030) [S-1/A 2025] |
| Vended — multi-housing / communal | Route operators owning machines in apartments, universities and institutions | Direct sales to route operators ≈9% of revenue [10-K FY25] |
| On-Premise Laundry (OPL) | Healthcare, fire stations, hotels and other sectors that process large volumes | High single-digit NA growth in FY2025 [PR Q4/FY25] |
| Commercial-In-Home (CIH) | Residential buyers paying a premium for commercial-grade durability (mainly Speed Queen) | NA CIH revenue grew more than 20% in FY2025 [PR Q4/FY25] |
The end-market revenue split (% of total) is not publicly disclosed.
Independent characterization
Alliance is best understood as a replacement-driven industrial consumer-durables hybrid. Economically it resembles a niche capital-equipment franchise (high share, specified by distributors, replacement-led), with three adjuncts:
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a modest captive-finance arm (~$591M of securitized equipment-financing receivables at 30 June 2026, current plus non-current) [PR Q2 FY26];
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an emerging digital and payments layer (>250,000 connected machines at end-Q1 2026) [PR Q1 FY26];
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a growing premium residential niche.
Its moat rests on four elements: (i) the installed base and incumbency at replacement; (ii) decades-long distributor relationships (about 94% of North American distributors have more than 10 years' tenure); (iii) multi-brand coverage that lets several distributors carry Alliance brands in one territory; and (iv) in-region manufacturing.
The principal analytical caveats are:
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a still-leveraged balance sheet (2.4x net leverage at June 2026);
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~74% exposure to North America;
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governance tilted to a controlling sponsor that is actively selling down.
Strategy
Stated strategy (paraphrase of the six growth pillars in the FY2025 10-K)
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Quality-led share gains at replacement: keep reliability leadership so existing customers return and competitors' customers switch when machines are replaced. Equipment performance ranked as the top purchase criterion in an industry customer poll.
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Innovation that accelerates replacement: R&D of more than $115M over 2021–2025, aimed at features that pull forward upgrades (ProCapture, T55, Stax-X, Scan-Pay-Wash).
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Enabling laundromat professionalization: serve multi-site investor-operators with site selection, design, training, financing and a digital fleet-management platform.
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Commercial-In-Home expansion: capture premium residential demand from buyers frustrated with plastic-heavy consumer machines, at commercial-like margins.
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High-potential international markets: seed laundromat ecosystems where urbanization and income growth support demand (Thailand, Brazil, Southeast Asia, Latin America).
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Operational margin expansion: supply-chain savings, labour efficiency, automation, design-to-cost and component rationalization.
Source: [10-K FY25].
Strategic initiatives (last 24 months)
| Initiative | Date | Detail | Targets / metrics | Source |
|---|---|---|---|---|
| Leveraged recapitalization | Aug 2024 | $2.075B term loan; $900M special distribution | — | [424B4 Aug26] |
| Term-loan repricings | Feb and Aug 2025 | Lower spreads; now SOFR + 2.00% after the Moody's step-down | ~$46M annualized interest savings with debt paydown | [PR Q4/FY25]; [424B4 Aug26] |
| IPO and deleveraging | Oct 2025 onward | $536.6M primary gross proceeds; $710M term-loan repayment in FY2025; $115M in H1 FY2026 | Net leverage 2.0x by YE2026 | [Baird deal card]; [PR Q2 FY26] |
| Direct distribution build-out (U.S. Northeast) | Aug 2025, Mar 2026 | Metropolitan and Super Laundry acquisitions | Described as the company's 17th U.S. distribution acquisition | [PR Q1 FY26]; [Trade press] |
| Connected-machine and payments platform | 2025–2026 | Scan-Pay-Wash; Partner API; AI insights | >250k connected machines (Q1 FY26) | [PR Q1 FY26] |
| Product launches | 2,025 | T55 stacked tumbler; Stax-X; ProCapture extension; >5M hours of physical testing | — | [PR Q4/FY25] |
| Plant investments | 2,025 | Capacity expansion, automation and testing in Thailand and Czech Republic; capex $54M | Capex ~3% of revenue | [PR Q4/FY25] |
| Tariff mitigation | 2025–2026 | Pricing plus local-for-local sourcing | FY2025 tariff cost ~$12M largely offset; Q1 FY26 ~$4.5–5M covered by price; Q2 FY26 tariff refunds received | [PR Q4/FY25]; [PR Q1 FY26]; [Call Q2 FY26] |
| Public-company build-out | FY2026 | Governance, SOX, investor relations | ~$8M incremental public-company cost in FY2026 | [Fool transcript Q4 FY25] |
| Equipment-finance capacity | Dec 2025, Aug 2026 | ABS equipment facility $500M → $530M → $600M (accordion to $700M) | Supports financing-led sales | [424B4 Aug26] |
| ESG reporting | 2022–2025 | Annual ESG reports; CSRD and California disclosure preparation | No quantified emissions target found | [10-K FY25] |
Guidance and medium-term targets
| Item | Updated guidance | Previous | Source |
|---|---|---|---|
| Revenue growth | +6% to 7% | unchanged (+5–7% originally) | [PR Q2 FY26] |
| Adjusted EBITDA growth | +8% to 10% | +7–8% (originally +6–8%) | [PR Q2 FY26] |
| Net leverage | 2.0x by year-end | "low 2x" | [PR Q2 FY26] |
| Capex | ~3% of revenue | unchanged | [PR Q2 FY26] |
| Effective tax rate | ~23.0% | ~23.5% | [PR Q2 FY26] |
| Interest expense | ~$80M | ~$85M | [PR Q2 FY26] |
| Diluted share count | ~205M (pre-repurchase) | unchanged | [PR Q2 FY26] |
Implied FY2026 values (analyst-computed):
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Revenue: $1,812–1,829M.
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Adjusted EBITDA: $471–480M (margin ≈26.0–26.3%).
Medium-term: No formal multi-year targets are published. Management frames the industry as growing about 5% a year (2023–2028, third-party) and expects Alliance to grow above the industry [S-1/A 2025]; [Fool transcript Q4 FY25].
Products & Services
Brand architecture
| Brand | Primary end markets | Positioning / notes | Source |
|---|---|---|---|
| Speed Queen | Vended (laundromats, multi-housing), Commercial-In-Home, APAC/LatAm combo units, European licensed stores | Flagship; highest Net Promoter Score in North America per a third-party study; Consumer Reports' most reliable appliance brand in each of the six years that designation was awarded; ~1,000 Speed Queen licensed stores in Europe per the 2022 ESG report | [10-K FY25]; [ESG 2022] |
| Huebsch | Vended (North America) | Multi-brand distributor coverage; Huebsch Command digital suite | [10-K FY25] |
| UniMac | OPL (hospitality, healthcare, fire services) | UniMac CORE cloud monitoring; FireLinc system for fire departments | [10-K FY25] |
| IPSO | OPL and vended (international, reintroduced in North America) | Acquired with LSG (2006); IPSO Connect digital suite | [10-K FY25]; [Historical PRs] |
| Primus | OPL and vended (Europe, international) | Acquired 2014 with the Pribor (CZ) and Guangzhou (CN) plants; Primus i-Trace digital suite | [10-K FY25]; [Historical PRs] |
| Cissell, Lavamac, Deli | Legacy acquired brands | Cissell described as discontinued in secondary sources; current status of Lavamac and Deli not publicly disclosed | [Historical PRs]; [Secondary] |
Equipment catalog
| Product line | Key specifications / capabilities | Target customer | Launch / latest | Pricing | Source |
|---|---|---|---|---|---|
| Washer-extractors (hard- and soft-mount) | 20–400 lb per load; spin to ~500 G-force to cut drying time and energy; most large-chassis products rated to 30,000 cycles, some to 48,000 | Laundromats (≤100 lb), OPL (up to 400 lb) | Ongoing; IPSO soft-mount line from 2006 | — | [10-K FY25] |
| Medical barrier (hygienic) washer-extractors | Hygienic barrier design for healthcare linen; produced in the Czech Republic | Hospitals, healthcare laundries | — | — | [10-K FY25] |
| Topload washers | Small-chassis, up to 16 lb, ~200 G; traditional or "smart" inverter drive that adjusts water and action to load size; matte-black option; many ENERGY STAR certified | Multi-housing route operators; Commercial-In-Home | Matte black recently added | — | [10-K FY25] |
| Frontload washers (stand-alone and stacked) | Small-chassis; sold with matching dryer or as a stacked washer/dryer; many vended and OPL units ENERGY STAR | Multi-housing, laundromats, OPL | Ongoing | — | [10-K FY25] |
| Tumble dryers ("tumblers") | Up to 200 lb; OPTidry over-dry prevention; ProCapture cyclonic lint filtration (>90% first-run capture vs ~63% for conventional screens); sold under all five brands | Laundromats, OPL | ProCapture 2023, extended across more products in 2025 | — | [10-K FY25]; [PR Q4/FY25] |
| T55 stacked tumbler | 55 lb per pocket; company says it is the industry's largest stacked dryer | Laundromats seeking revenue per square foot | 2,025 | — | [PR Q4/FY25]; [424B4 Aug26] |
| Small-chassis dryers | Up to 18 lb; 7.0 cu ft drum, among the largest small-chassis capacities; many residential units ENERGY STAR | Multi-housing, Commercial-In-Home | Ongoing | — | [10-K FY25] |
| Combination washer-extractor/tumbler | Washing and drying in one drum; two capacities; space-saving | Asia Pacific and Latin America (Speed Queen) | 2,021 | — | [10-K FY25] |
| Stax-X | Combined washer-extractor and tumble dryer for regional markets; first product fully developed at the Thailand engineering centre | Asia Pacific vended | 2,025 | — | [PR Q4/FY25] |
| Ironers (flatwork) | Produced in the Czech Republic | OPL (hotels, healthcare) | Ongoing | — | [10-K FY25] |
| Touch-screen control platform | LCD touch control on washer-extractors and tumblers; easier programming and more revenue options | Vended, OPL | Ongoing | — | [10-K FY25] |
Digital, payments and software
| Offering | Description | Target | Status / metrics | Source |
|---|---|---|---|---|
| Speed Queen Insights / Huebsch Command / Primus i-Trace / IPSO Connect | Performance reporting, error alerts, remote control and programming, mobile payments with loyalty, integrated CRM and marketing | Vended operators | Connected base >200,000 machines and >3M users (10-K); >250,000 connected machines at end-Q1 2026 | [10-K FY25]; [PR Q1 FY26] |
| UniMac CORE | Cloud monitoring and reporting for on-premise laundries | OPL managers | Ongoing | [10-K FY25] |
| UniMac FireLinc | Digital record-keeping with bar-code scanning of firefighting gear | Fire departments | Ongoing | [10-K FY25] |
| Scan-Pay-Wash | QR-code, app-less cashless payment; company says industry-first | Laundromat end users | Launched 2025; >100,000 transactions in March 2026; Q1 2026 volume double Q4 2025 | [PR Q4/FY25]; [PR Q1 FY26] |
| Partner API Ecosystem | Chargeable API letting third-party developers remotely control and program machines and analyze data; aimed at local payment ecosystems abroad | Payment and software developers | Ongoing, revenue undisclosed | [10-K FY25] |
| AI operational insights / self-healing machines | Plain-English operator recommendations; machines can resolve some common faults without a technician | Vended operators | Recent innovations | [10-K FY25] |
| Laundry IQ (sound-sensing diagnostics) | Predictive detection of mechanical issues | Fleet operators | Introduced per 2023 ESG report | [ESG 2023] |
| Customer financing web portal | Bills, statements and balances for financed laundromat customers | Financing customers | Ongoing | [10-K FY25] |
Aftermarket, consumables and services
| Offering | Description | Source |
|---|---|---|
| Service parts | Supports an estimated ~8M-unit installed base (10-year life assumption); >150,000 parts sold online; described as recurring and higher-margin | [10-K FY25] |
| Consumables | Detergents, softeners and chemicals; growth in OPL direct-injection and vended chemical-inclusive pricing | [10-K FY25] |
| Equipment financing | Loans to laundromat owners and route operators; typical terms 2–12 years; average principal ~$0.1M; funded via the Asset Backed Equipment Facility (limit raised to $600M in Aug 2026) | [10-K FY25]; [424B4 Aug26] |
| Value-added services | Site selection, investor seminars, CAD laundry-room design, distributor sales and service training, technical assistance, on-call installation and repair (via distributors and company distribution) | [10-K FY25] |
| Company-owned distribution | Alliance Laundry Systems Distribution, including the NY Metro Office (Metropolitan, Super Laundry) | [Trade press] |
| IP licensing | Licenses to third parties developing compatible vended payment systems | [10-K FY25] |
Pricing: List prices are not publicly disclosed. Disclosed price realization:
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FY2025: mid-single-digit price increases, about 30% of revenue growth, with volume about 70% [PR Q4/FY25].
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Q2 FY2026: pricing contributed slightly more than half of the 7% revenue growth [PR Q2 FY26].
Financial Narrative
Income statement
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Segment Overview
| Segment | Geography | What it contains | Go-to-market |
|---|---|---|---|
North America | United States and Canada | All brands and end markets (Vended, Multi-Housing, OPL, Commercial-In-Home); equipment financing sits here | Independent distributors, direct sales to route operators, company-owned distribution offices; mostly U.S.-built product with some specialist machines imported from other Alliance plants |
International | All countries outside the U.S. and Canada | Europe, Asia Pacific, Latin America, Middle East and Africa | Territory-exclusive independent distributors; direct offices in France, Spain, Italy and Brazil; most product made in-region (CZ, TH, CN) |
Revenue by Segment
| Segment | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
North America revenue (USD Mn) | — | 1,109.1 | 1,269.0 |
International revenue (USD Mn) | — | 399.3 | 440.3 |
Total net revenues (USD Mn) | 1,365.2 | 1,508.4 | 1,709.2 |
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View Subscription PlansResults by Segment and Segment Margins & Growth (%)
| Metric | FY2024 | FY2025 |
|---|---|---|
North America Segment Adj. EBITDA (USD Mn) | 317.8 | 361.5 |
International Segment Adj. EBITDA (USD Mn) | 103.1 | 120.6 |
North America Segment Adj. EBITDA margin (%) | 28.7 | 28.5 |
International Segment Adj. EBITDA margin (%) | 25.8 | 27.4 |
Corporate and other (USD Mn, negative) | -37.7 | -45.6 |
Segment Margins & Growth (%) and Revenue by Segment (%)
| Metric | FY2024 | FY2025 |
|---|---|---|
North America revenue growth (%) | — | 14.4 |
International revenue growth (%) | — | 10.3 |
North America share of revenue (%) | 73.5 | 74.2 |
International share of revenue (%) | 26.5 | 25.8 |
North America Segment Adj. EBITDA growth (%) | — | 13.8 |
International Segment Adj. EBITDA growth (%) | — | 16.9 |
Segment Margins & Growth (%)
| Segment | Q2 FY2025 | Q2 FY2026 | YoY % | H1 FY2025 | H1 FY2026 | YoY % |
|---|---|---|---|---|---|---|
North America revenue | 329.1 | 359.3 | 9.2 | 621.4 | 679.1 | 9.3 |
International revenue | 118.1 | 117.5 | -0.5 | 215.3 | 224.6 | 4.3 |
North America Seg. Adj. EBITDA | 96.8 | 113.6 | 17.4 | 177.6 | 200.6 | 12.9 |
International Seg. Adj. EBITDA | 36.9 | 33.9 | -8.0 | 65.7 | 66.5 | 1.2 |
North America margin (%) | 29.4 | 31.6 | — | 28.6 | 29.5 | — |
International margin (%) | 31.2 | 28.9 | — | 30.5 | 29.6 | — |
Income Statement and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Net revenues (USD Mn) | 1,214.0 | 1,376.3 | 1,365.2 | 1,508.4 | 1,709.2 |
Revenue growth YoY (%) | 29.5 | 13.4 | -0.8 | 10.5 | 13.3 |
Gross profit (USD Mn) | — | 419.4 | 473.1 | 551.3 | 642.1 |
Operating income (USD Mn) | — | 180.2 | 235.7 | 284.0 | 317.4 |
Depreciation and amortization (USD Mn) | 87.5 | 87.3 | 88.7 | 90.2 | 93.7 |
EBITDA, unadjusted (USD Mn) | 239.8 | 261.4 | 316.6 | 345.6 | 382.2 |
Adjusted EBITDA (USD Mn) | 258.5 | 271.8 | 328.5 | 383.2 | 436.5 |
Interest expense, net (USD Mn) | 60.8 | 58.1 | 123.4 | 132.0 | 150.5 |
Income before taxes (USD Mn) | 91.6 | 116.0 | 104.5 | 123.4 | 138.0 |
Provision for income taxes (USD Mn) | 9.6 | 16.4 | 16.2 | 25.1 | 36.3 |
Net income (USD Mn) | 82.0 | 99.7 | 88.2 | 98.3 | 101.8 |
Adjusted net income (USD Mn) | — | — | — | 166.0 | 185.0 |
EPS basic, split-adjusted (USD) | — | 0.57 | 0.52 | 0.58 | 0.57 |
EPS diluted, split-adjusted (USD) | — | 0.56 | 0.51 | 0.56 | 0.56 |
Adjusted EPS diluted (USD) | — | — | — | 0.95 | 1.02 |
Dividends per share, split-adjusted (USD) | 0 | 0 | 0 | 5.28 | 0 |
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View Subscription PlansMargin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin (%) | — | 30.5 | 34.7 | 36.5 | 37.6 |
Operating margin (%) | — | 13.1 | 17.3 | 18.8 | 18.6 |
Adjusted EBITDA margin (%) | 21.3 | 19.7 | 24.1 | 25.4 | 25.5 |
Net margin (%) | 6.8 | 7.2 | 6.5 | 6.5 | 6.0 |
Effective tax rate (%) | 10.5 | 14.1 | 15.5 | 20.4 | 26.3 |
Margin Analysis (%) and Per-Share Data
| Metric | H1 FY2025 | H1 FY2026 | YoY % | LTM Jun-2026 |
|---|---|---|---|---|
Net revenues | 836.8 | 903.6 | 8.0 | 1,776.0 |
Gross profit | 319.2 | 347.1 | 8.7 | 669.9 |
Gross margin (%) | 38.1 | 38.4 | — | 37.7 |
Operating income | 168.3 | 189.5 | 12.5 | 338.5 |
Interest expense, net | 84.3 | 35.7 | -57.6 | 101.9 |
Net income | 48.3 | 125.6 | 160.2 | 179.1 |
Adjusted EBITDA | 219.1 | 242.8 | 10.8 | 460.2 |
Adjusted EBITDA margin (%) | 26.2 | 26.9 | — | 25.9 |
Adjusted net income | 87.7 | 146.0 | 66.6 | 243.4 |
Diluted EPS (USD) | 0.28 | 0.62 | — | 0.90 |
Adjusted diluted EPS (USD) | 0.50 | 0.72 | — | 1.24 |
Financial Analysis
| Metric | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 |
|---|---|---|---|---|---|---|
Net revenues | 389.6 | 447.2 | 437.6 | 434.9 | 426.9 | 476.8 |
Adjusted EBITDA | 99.7 | 119.4 | 110.8 | 106.6 | 109.0 | 133.8 |
Net income | 17.2 | 31.0 | 32.9 | 20.6 | 56.9 | 68.7 |
Balance Sheet
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Total assets (USD Mn) | 2,855.0 | 2,832.1 | 2,885.9 |
Cash and cash equivalents (USD Mn) | — | 154.7 | 123.1 |
Term loan / corporate debt, gross (USD Mn) | — | 2,075.4 | 1,365.2 |
Long-term debt, net (USD Mn) | 1,237.6 | 2,034.5 | 1,354.6 |
Current portion of long-term debt (USD Mn) | — | 20.9 | 0.1 |
Net debt, company definition (USD Mn) | — | 1,920.7 | 1,242.1 |
Asset-backed borrowings, total (USD Mn) | — | 553.8 | 618.6 |
Stockholders' equity (USD Mn) | 550.9 | -277.3 | 392.1 |
Goodwill (USD Mn) | — | 666.6 | 684.2 |
Intangible assets, net (USD Mn) | — | 793.7 | 754.7 |
Total current assets (USD Mn) | 693.7 | 668.2 | 675.9 |
Total current liabilities (USD Mn) | 471.6 | 478.7 | 484.3 |
Working capital (USD Mn) | 222.1 | 189.5 | 191.6 |
Financial Analysis (Annual)
| Item | 30 Jun 2026 |
|---|---|
Total assets | $2,946.9M |
Cash | $159.5M |
Term loan | $1,250.0M |
Net debt | $1,090.7M |
ABS borrowings | $641.0M |
Equity | $502.6M |
Goodwill + intangibles | $1,412.5M |
Working capital | $225.2M |
Cash Flow
| Metric | FY2022 | FY2024 | FY2025 |
|---|---|---|---|
Operating cash flow (USD Mn) | 105.1 | 145.5 | 211.7 |
Capital expenditures (USD Mn) | — | 43.5 | 53.7 |
Free cash flow, OCF − capex (USD Mn) | — | 102.0 | 158.0 |
Dividends and return of capital paid (USD Mn) | — | 900.0 | 0 |
Share repurchases (USD Mn) | — | 1.4 | 6.2 |
Acquisitions, net of cash (USD Mn) | — | 27.9 | 12.6 |
Term-loan repayments (USD Mn) | — | 1,268.0 | 710.0 |
IPO net proceeds (USD Mn) | — | 0 | 497.0 |
Cash interest paid, corporate (USD Mn) | — | 146.7 | 122.2 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
ROE, ending equity (%) | 16.0 | — | 26.0 |
ROA, average assets (%) | — | 3.5 | 3.6 |
ROIC, NOPAT ÷ (equity + corporate debt − cash) (%) | — | 13.8 | 14.3 |
Current ratio (x) | 1.47 | 1.40 | 1.40 |
Debt / equity, corporate debt (x) | 2.25 | — | 3.48 |
Net debt / Adjusted EBITDA, company-reported (x) | — | 5.0 | 2.8 |
Interest coverage, EBIT ÷ net interest (x) | 1.91 | 2.15 | 2.11 |
Adjusted EBITDA ÷ net interest (x) | 2.66 | 2.90 | 2.90 |
Asset turnover, revenue ÷ average assets (x) | — | 0.53 | 0.60 |
Cash conversion cycle (days, approximate) | — | 50 | 60 |
Revenue by Region and Region Margins & Growth (%)
| Region | FY2024 | FY2025 |
|---|---|---|
North America (U.S. and Canada) revenue (USD Mn) | 1,109.1 | 1,269.0 |
International (all other) revenue (USD Mn) | 399.3 | 440.3 |
North America growth (%) | — | 14.4 |
International growth (%) | — | 10.3 |
Region Overview
| Region | Disclosed facts | Direction | Drivers | Source |
|---|---|---|---|---|
United States | ~74% of revenue with Canada; ~40% NA commercial share; #1 supplier | Growing (+9% Q2 FY26) | Vended large-machine mix, Commercial-In-Home (+20% in FY2025), OPL replacement, company-owned distribution in NY | [10-K FY25]; [PR Q2 FY26] |
Canada | Included in North America; not split out | — | — | [10-K FY25] |
Europe | #3 supplier in Europe; direct offices in France, Spain, Italy; Speed Queen licensed stores | Steady to strong; led International growth in FY2025 and Q1 FY2026 | Replacement and upgrade cycle; licensed-store network | [10-K FY25]; [PR Q4/FY25]; [PR Q2 FY26] |
Asia Pacific | #1 supplier excluding China; Thailand revenue ~50% CAGR since 2017; Chonburi plant | Fastest-growing International region (Q2 FY26) | Nascent laundromat markets, Stax-X, combination units | [10-K FY25]; [S-1/A 2025]; [PR Q2 FY26] |
China | Guangzhou plant (60k sq ft); excluded from the APAC #1 claim | — | — | [10-K FY25] |
Latin America | #1 supplier; Brazil revenue ~30% CAGR since 2017; São Paulo direct office | Growing | Market seeding (Brazil operator business 2016), first-mover vended positions | [10-K FY25]; [S-1/A 2025] |
Middle East and Africa | <2% of global revenue; Dubai sales office | Declining (Q2 FY26); grew in Q1 FY26 | Middle East conflict | [PR Q2 FY26]; [PR Q1 FY26] |
“—” = not publicly disclosed.
Capital Markets
| Measure | Value | Source |
|---|---|---|
IPO price (8 Oct 2025) | $22.00 | [424B4 IPO] |
First-day open / close (9 Oct 2025) | $24.50 / $24.98 | [IFR] |
52-week range | $18.64 – $28.23 | [Market data] |
Secondary offering price (18 Aug 2026) | $23.50 | [424B4 Aug26] |
Latest verified quote | $21.57 (17 Sep 2026) | [Market data] |
Return vs IPO price | ≈ -2.0% | Analyst-computed |
Return vs first-day close | ≈ -13.7% | Analyst-computed |
1-, 3- and 5-year returns | Not applicable; listed since 9 Oct 2025, so less than one full year of history | — |
Beta | ≈1.6 (limited history; vendor estimate) | [Market data] |
Index membership | Held by small-cap and total-market ETFs (e.g., VTI, VB, IWM/IWO, VBK, VXF) | [Market data] |
Valuation Snapshot
| Multiple | Value | Basis |
|---|---|---|
Market capitalization | ≈ $4.22B | 195.49M shares post-repurchase |
Enterprise value (excl. ABS) | ≈ $5.38B |
|
Enterprise value (incl. ABS borrowings) | ≈ $6.02B |
|
EV / LTM Adj. EBITDA | ≈ 11.7x | LTM Jun-2026 Adj. EBITDA $460.2M |
EV / FY2026E Adj. EBITDA (guidance midpoint ≈$476M) | ≈ 11.3x | Guidance +8–10% |
EV / LTM sales | ≈ 3.0x | LTM revenue ≈$1,776M |
P/E, LTM GAAP diluted | ≈ 24.0x | LTM diluted EPS ≈$0.90 |
P/E, LTM adjusted | ≈ 17.4x | LTM adjusted EPS ≈$1.24 |
P/E, FY2026E consensus | ≈ 17.8x | Consensus EPS ≈$1.21 (vendor, Aug 2026; basis likely adjusted) |
P/B | ≈ 9.9x | Pro forma equity $427.6M |
Analyst Ratings & Targets
| Broker | Analyst | Rating | Price target | Date (latest known) |
|---|---|---|---|---|
BofA Securities | Andrew Obin | Buy | $37 | Reiterated 4 Sep 2026 |
UBS | Amit Mehrotra | Buy | $32 | 17 Aug 2026 |
BMO Capital Markets | Ketan Mamtora | Outperform / Buy | $31 (initiated at $30) | Aug 2026 |
Morgan Stanley | Christopher Snyder / Brandon Knutson | Equal Weight / Hold | $28 | Reiterated 26 Aug 2026 |
JPMorgan | — | Overweight | $31 (initiation) | Nov 2025 |
Baird | Michael Halloran | Outperform | $31 (initiation; long-term $40–45 value view) | Nov 2025 |
Citi | Kyle Menges | Buy | $28 (cut from $32) | — |
Consensus | — | 5 Buy / 1 Hold (6 analysts, last 3 months) | Average ≈$31.8; high $37; low $28 | As of mid-Sep 2026 |
Dividend History
| Year | Dividend | Note |
|---|---|---|
FY2021–FY2023 | None paid (cash dividends not disclosed) | — |
FY2024 | $900.0M special distribution ($265.9M dividends + $634.1M return of capital; $841.7M to BDT Badger Holdings, $58.3M to management holders) | Debt-funded |
Shares by Date
| Date | Shares | Amount | Note |
|---|---|---|---|
FY2024 | — | $1.4M | Pre-IPO |
FY2025 | — | $6.2M | Pre-IPO |
20 Aug 2026 | 3,298,704 | ≈$75M (at $22.7362, the underwriters' price) | Purchased from underwriters alongside the BDT secondary; approved by a special board committee; shares cancelled; funded from cash |
Credit Ratings
| Agency | Rating | Outlook | Action / date | Source |
|---|---|---|---|---|
S&P Global Ratings | Issuer BB- (from B+); senior secured BB (recovery 2) | Positive | Upgraded 2 Sep 2026. | [PR S&P]; [PR Moody's] |
Moody's | CFR B1 (from B2); senior secured first-lien B1 | Not stated in company release | Upgraded 29 Jun 2026; triggered a 25 bp term-loan margin step-down | [PR Moody's] |
Fitch | Not rated / not publicly disclosed | — | — | — |
Debt Facilities
| Facility | Limit (USD Mn) | Outstanding (USD Mn) | Pricing | Maturity |
|---|---|---|---|---|
Term Loan B (Citibank agent) | — | 1,250.0 | Term SOFR + 2.00% | 19 Aug 2031 (no remaining amortization) |
Primary revolving facility (USD/EUR) | 225.0 | 0.0 | SOFR/EURIBOR + 2.00%; commitment fee 0.25% | 19 Aug 2029 |
Thai baht revolving facility (letters of credit) | 25.0 | 0.0 | RFR + 2.00% | 19 Aug 2029 |
Asset Backed Trade Receivables Facility (PNC) | 120.0 | n/d (part of 641.0 total ABS) | 1M SOFR + 1.10%; unused fee 0.35% | Revolving to 1 May 2028, then 180-day amortization |
Asset Backed Equipment Facility (PNC, Fifth Third) | 600.0 (accordion to 700.0) | n/d (part of 641.0 total ABS) | Not disclosed in reviewed text | 10 Aug 2029 |
Finance leases | — | 0.2 | — | Various |
Analyst Conclusions
Management guidance (FY2026, as of 13 Aug 2026)
| Item | Guidance | Implied value | Implied H2 vs H2 FY2025 |
|---|---|---|---|
| Revenue | +6% to 7% | $1,812–1,829M | H2 revenue $908–925M vs $872.5M (+4.1% to +6.1%) |
| Adjusted EBITDA | +8% to 10% | $471–480M | H2 Adj. EBITDA $229–237M vs $217.4M (+5.2% to +9.2%) |
| Net leverage | 2.0x by year-end | Net debt ≈$950M at the guided EBITDA | Requires ≈$140M further net debt reduction beyond the ~$75M buyback outflow |
| Phasing | Revenue fairly even across Q3 and Q4; margin expansion weighted to Q4 | — | — |
Source: [PR Q2 FY26]; implied values analyst-computed.
Consensus: FY2026 revenue ≈$1.81B and EPS ≈$1.21, consistent with the low-to-mid guidance range [Market data].
Bull case
-
Earnings compounding from deleveraging. Interest falls from $150.5M (FY2025) to ~$80M (FY2026), and the 25 bp term-loan step-down from the ratings upgrades is in place. GAAP and adjusted EPS can therefore grow well ahead of EBITDA: LTM adjusted EPS is already $1.24 vs $1.02 for FY2025. A further S&P upgrade (positive outlook) could reduce funding costs again.
-
Structural margin expansion. Gross margin rose from 30.5% (FY2022) to 39.8% (Q2 FY2026) through cost-down, mix toward larger vended machines and Commercial-In-Home, and pricing that more than offsets tariffs. With ~16% spare plant capacity and capex at ~3% of revenue, incremental margins can stay high.
-
Valuation versus quality. At ≈11–12x EV/EBITDA and ≈17–18x adjusted P/E, the market prices a business with ~26% EBITDA margins, ~40% NA share and replacement-driven demand at what may be a discount to higher-multiple flow-control and building-products compounders. The Baird long-term view of $40–45 rests on this argument.
Bear case
-
Growth deceleration and price fade. Revenue growth has slowed from +13% (FY2025) to +10% (Q1) and +7% (Q2), with guidance implying only +4–6% in H2 as 2025 price increases annualize. If volume stays near low single digits, the multiple has little support. Morgan Stanley's Equal Weight explicitly hinges on proving mid-single-digit industry growth.
-
Sponsor overhang and governance. BDT still owns ~58.7–60.5% (about 115–118M shares) and has sold twice in 10 months. The stock trades below the $22 IPO price despite earnings beats. Further secondaries, a possible loss of controlled-company status, and BDT nomination and chair rights will keep pressure on the free float and valuation.
-
Execution and concentration risks. North America is 74% of revenue and 82% of segment EBITDA. International margin fell 230 bps in Q2. The Series 6 dryer correction shows quality risk in a brand-premium model. The Wisconsin USW contract (1,691 workers) expires 28 Feb 2027, and tariffs and Middle East disruption remain live.
Key catalysts and monitorables (next 12 months)
| Timing | Catalyst / monitorable | What to watch |
|---|---|---|
| ~12 Nov 2026 (unconfirmed) | Q3 FY2026 results | International recovery; NA price vs volume mix; progress toward 2.0x leverage |
| Q4 FY2026 | Margin delivery | Management expects margin expansion weighted to Q4 |
| ~Mar 2027 | FY2026 results; first FY2027 guidance; first Section 404 management assessment | Organic growth outlook; whether the capital-return framework is formalized |
| Through 28 Feb 2027 | USW labor contract renegotiation | Wage settlement; any disruption risk |
| Ongoing | BDT sell-downs (registration rights) | Stake falling toward 50% would remove controlled-company status; at 40% BDT loses majority nomination rights |
| 12 months | S&P positive-outlook resolution; possible Moody's follow-through | Upgrade toward BB / Ba3 would cut borrowing costs |
| Ongoing | Capital allocation after reaching 2.0x | Distributor M&A, buybacks, or an initial dividend |
| Ongoing | Tariff policy and refunds | Continued price/cost neutrality |
| Ongoing | Digital KPIs | Connected-machine count (>250k at Q1 FY2026); Scan-Pay-Wash adoption; subscription revenue disclosure |
| Ongoing | Middle East and Africa conditions | MEA revenue (<2%) and International margin |
Analyst verdict
Alliance Laundry Holdings is a high-quality, niche industrial franchise emerging from a decade of private-equity ownership. The evidence points to a durable competitive position:
-
~40% North American share and ~2x the scale of its nearest rival;
-
an eight-million-unit installed base that drives replacement demand;
-
a sticky 600-distributor channel;
-
a local-for-local footprint that turned 2025's tariff shock into a pricing exercise rather than a margin event.
Financial momentum is real. Revenue compounded at about 9% from FY2021 to FY2025, and adjusted EBITDA at about 14%. Gross margin expanded by more than 900 bps since FY2022. In H1 FY2026 the business generated $132M of free cash flow. The balance sheet has been repaired faster than most post-IPO sponsor exits: net leverage fell from 5.0x to 2.4x in 18 months, with 2.0x targeted by year-end, and both agencies upgraded in 2026.
The equity story is now less about operations than about three transitions:
-
a normalizing growth rate (guided +6–7%, implying mid-single digits in H2) as price tailwinds fade;
-
the earnings re-rating from halving interest expense;
-
the gradual exit of BDT, which still controls about 59–61% and will likely keep supplying stock.
At roughly 11–12x EV/EBITDA and ~17–18x adjusted earnings, with shares near or below the $22 IPO price, the market appears to be discounting the overhang and the deceleration more than the deleveraging-driven EPS growth.
Assessment: fundamentally positive with a governance discount. The investment case improves materially if (i) Q3–Q4 FY2026 confirm organic volume growth of at least 4% with continued margin expansion, (ii) the 2027 labor contract settles without disruption, and (iii) BDT's remaining stake is absorbed in an orderly way, ideally alongside opportunistic company buybacks. Without those, the stock is likely to stay range-bound despite solid operating delivery.
All figures are from public filings and releases as cited. Items marked "not publicly disclosed" or left blank were not found in the primary sources reviewed. Analyst-computed values are derived from reported line items and are not company guidance.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Age | Tenure | Prior roles / background | Source |
|---|---|---|---|---|---|
Michael D. Schoeb | CEO and Director | 63 | CEO since Feb 2011; President and COO Oct 2007–Jan 2011 | President and COO, Wausau Homes; roles at Hilti and Johnson Controls; Weber-Stephen director 2016–2021 | [DEF 14A 2026] |
Dean Nolden | Chief Financial Officer | 56 | Since Apr 2025 | CFO of Stella & Chewy's (2021–25), Techniplas (2020–21) and REV Group (2016–20; led 2017 IPO); The Manitowoc Company 1997–2016; PwC audit 1991–97 | [DEF 14A 2026] |
Jan Vleugels | SVP and COO – International | 61 | COO Intl since 2014; SVP since 2021 | COO Primus Laundry Equipment 2007–14; Plant Manager Primus CE (Pribor) 1991–2007 | [DEF 14A 2026] |
Samantha Hannan | Chief Legal and Compliance Officer | 37 | Since 2021 | Deputy/Assistant GC Alteon Health; Counsel Envision Healthcare; Gunderson Dettmer | [DEF 14A 2026] |
Joseph Hainline | Chief Technology Officer | 44 | CTO since 2023; with company since 2021 | World Wide Technology Asynchrony Labs (2016–21) | [DEF 14A 2026] |
Amanda Kopetsky | Chief Human Resources Officer | 46 | Since 2022 (with company since 2018) | HR leadership at Bemis (now Amcor) 2007–18 | [DEF 14A 2026] |
Michael Mancuso | Chief Operations Officer (North America) | 47 | Since 2022 (with company since 2021) | Rockwell Automation 2006–21 | [DEF 14A 2026] |
Travis Lindgren | Chief Product Officer | 48 | Since Apr 2026 (with company since 2007) | VP Product Engineering; Director of Engineering; led Manitowoc start-up | [DEF 14A 2026] |
Brian Sikora | Chief Accounting Officer | — | — | Not publicly disclosed in reviewed proxy | [Market data] |
Thomas Gelston | VP Investor Relations and Corporate Development | — | 2,026 | Replaced Robert Calver as IR contact (Calver named VP IR in Mar 2026 release) | [PR Q2 FY26]; [PR Q4/FY25] |
Directors' Remuneration
| Executive | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|---|
Michael Schoeb (CEO) | 933,750 | 0 | 6,815,448 | 0 | 1,350,168 | 21,000 | 9,120,366 |
Dean Nolden (CFO, from Apr 2025) | 357,955 | 0 | 0 | 1,252,453 | 357,188 | 19,523 | 1,987,119 |
Robert Calver (interim CFO to Apr 2025) | 286,265 | 200,000 | 0 | 252,953 | 114,300 | 61,000 | 914,518 |
Jan Vleugels (COO Intl) | 494,039 | 0 | 0 | 0 | 253,995 | 102,667 | 850,701 |
Joseph Hainline (CTO) | 307,096 | 0 | 0 | 126,474 | 157,884 | 21,000 | 612,154 |
Cody Masluk (former CCO NA, exited 30 Sep 2025) | 242,390 | 0 | 0 | 3,742,378 | 133,350 | 139,189 | 4,257,307 |
Board of Directors
| Director | Role | Age | Since | Class / term end | Independence | Committees | Background |
|---|---|---|---|---|---|---|---|
Robert L. Verigan | Chairman | 50 | Aug 2015 | I / 2029 | Deemed independent; BDT & MSD Partner, sponsor-appointed | Compensation (Chair); Nominating and Governance | Partner BDT & MSD (investment committee); ex-Partner Sidley Austin |
Michael D. Schoeb | CEO, Director | 63 | Feb 2011 | I / 2029 | Not independent | — | See above |
Phyllis A. Knight | Director | 62 | Jan 2022 | I / 2029 | Independent; audit committee financial expert | Audit (Chair); Compensation | Former EVP and CFO Tecumseh Products; CFO Champion Enterprises, Polar, Diversified Restaurant Holdings; KPMG |
Clyde B. Anderson | Director | 65 | Dec 2015 | II / 2027 | Deemed independent; sponsor-appointed; Chair of BDTCP Fund Advisory Committee | Nominating and Governance (Chair) | Executive Chairman Books-A-Million and Cavender's; ex-Hibbett Sports director |
Amanda L. Hodges | Director | 53 | Sep 2025 | II / 2027 | Independent | Audit | EVP and Chief Commercial Officer, Republic Services; ex-Dell; McKinsey |
Narasimha Nayak | Director | 57 | May 2025 | III / 2028 | Independent | Nominating and Governance | VP IoT and Connected Products, Rheem; ex-CTO Chamberlain Group; Harman |
Timothy J. FitzGerald | Director | 56 | Apr 2021 | III / 2028 | Independent | Audit; Compensation | CEO, The Middleby Corporation (since 2019); ex-Middleby CFO |
Board & Management Changes
| Date | Change | Source |
|---|---|---|
31 Jul 2024 – 14 Apr 2025 | Robert Calver interim CFO | [DEF 14A 2026] |
14 Apr 2025 | Dean Nolden appointed CFO | [DEF 14A 2026] |
May 2025 | Narasimha Nayak joins board | [DEF 14A 2026] |
Sep 2025 | Amanda Hodges joins board | [DEF 14A 2026] |
30 Sep 2025 | Cody Masluk (CCO North America) terminated without cause; options accelerated (incremental value $3.64M) | [DEF 14A 2026] |
Apr 2026 | Travis Lindgren appointed Chief Product Officer | [DEF 14A 2026] |
| 2026 | IR contact changes from Bob Calver to Tom Gelston (VP IR and Corporate Development) | [PR Q4/FY25]; [PR Q2 FY26] |
Major Shareholders
| Holder | Shares | % (pre-Aug 2026 offering) | % (post-offering, full option) | Source |
|---|---|---|---|---|
BDT Capital Partners (via BDT Badger Holdings LLC; includes co-investor shares) | 140,758,968 → 114,826,468 | 70.8 | 58.7 (60.5 if option unexercised) | [424B4 Aug26] |
Michael D. Schoeb (incl. family trusts and entities) | 10,980,146 | 5.5 | 5.6 | [424B4 Aug26] |
All current executive officers and directors (14 persons) | 14,750,799 | 7.4 | 7.5 | [424B4 Aug26] |
Capital International Investors; Kayne Anderson Rudnick | IPO anchor indications, reported as up to ~$100M each (~$200M combined) | — | — | [IFR]; [Trade press] |
Competitive Landscape
Key Competitors
| Competitor | HQ / ownership | Overlap with Alliance | Comparative revenue | Relative positioning |
|---|---|---|---|---|
Electrolux Professional Group (Laundry segment) | Sweden; Nasdaq Stockholm | OPL and vended worldwide; strongest overlap in Europe | — | Leading European OPL player; Alliance ranks #3 in Europe |
Girbau (incl. Continental Girbau in U.S.) | Spain; private | OPL, vended, industrial | — | Strong in Southern Europe and Latin America; challenger in U.S. vended |
Dexter Laundry | USA; private | U.S. vended (laundromats) | — | Principal U.S. laundromat rival to Speed Queen and Huebsch |
Pellerin Milnor | USA; private | U.S. OPL and industrial washer-extractors | — | Heavy-duty OPL and industrial niche |
Miele Professional | Germany; private (Miele group) | European OPL and small-chassis commercial | Not publicly disclosed at segment level | Premium European small-chassis competitor |
Whirlpool (Maytag Commercial Laundry) | USA; NYSE: WHR | Multi-housing small-chassis vended; Commercial-In-Home | Not separately disclosed by Whirlpool | Scale consumer OEM with a commercial line |
LG Electronics (commercial laundry) | South Korea; KRX | Multi-housing, small-business OPL, residential | — | Lower-cost Asian OEM; aligns with the 10-K risk on lower-cost foreign competitors |
Samsung Electronics (commercial laundry) | South Korea; KRX | Multi-housing, residential premium | — | As above |
Jensen-Group | Belgium; Euronext Brussels | Industrial laundry (tunnel washers, finishing) | — | Adjacent industrial segment; limited direct overlap |
Kannegiesser | Germany; private | Industrial laundry systems | — | Adjacent industrial segment |
Fagor Industrial; Domus; Danube International | Spain / France; private | European OPL and vended | — | Regional players |
“—” = not publicly disclosed.
Peer Comparison FY2025
| Metric | Alliance (FY2025) | Electrolux Professional Group (FY2025) |
|---|---|---|
Revenue | $1,709M | SEK 12,169M (group, all segments) |
Organic / reported growth | +13% reported | +0.5% group organic; Laundry -0.3% organic |
Profitability | Adj. EBITDA margin 25.5%; operating margin 18.6% | EBITA margin excl. items affecting comparability ≈12.1% (group) |
Net leverage | 2.8x (FY25), 2.4x (Q2 FY26) | ≈1.0x net debt/EBITDA |
R&D intensity | ≈1.5% (implied average) | — |
Pure-play laundry | Yes | No (also food service and beverage) |
Recent Developments
Not observed in the sources reviewed: * layoffs or restructuring programs, regulatory actions, or guidance cuts during the period.
