Spotless Group Limited’s
(ASX:SPT) new owner Pacific Equity partners are set to foot $100 million in costs to cover underestimated working capital requirements, according to reports.
The Cleaning Company was purchased by the private equity giant this month for $723 million.
The short fall was reportedly partially due to a late payment from a sizeable customer and Spotless board member Anthony Kerwick says that the company remains happy with its funding structure and financing agreements in place with Pacific Equity.
In the 2012 financial year Spotless Group posted a net profit of $16.5 million.
