Good evening,

It’s all hands on deck at Adamantem Capital, the Sydney-based private equity shop that’s trying to take ASX-listed recycling business Close the Loop private.

Street Talk understands one of Macquarie Infrastructure’s entities is weighing an acquisition of one of its other portfolio companies, commercial laundry service business Linen Services Australia, which has been up for sale via Lazard.

Adamantem’s Fund II acquired a 70 per cent stake in Linen Services Australia – née Spotless Laundries – from Downer EDI in late 2020.

Of note, Adamantem secured exclusivity for its 27¢ per share Close the Loop indicative proposal in mid-November. It’s 20 business days finished up on Tuesday. An announcement is expected tomorrow morning.

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A rally in bank stocks pushed the Australian sharemarket higher, with the S&P/ASX 200 notching its highest daily percentage gain in a month on Tuesday.

Click here for the latest equity market wrap.