In 2017, the founding owner of SPL had begun planning for retirement, creating an opportunity for a significant leadership and ownership transition. Recognising the potential to drive the business into its next phase of growth, Ray initiated a process to raise capital and execute a management buyout.

At this time, SPL had evolved into one of Australia’s largest and most sophisticated commercial laundry networks, operating nine plants and 24 distribution centres nationwide, and processing approximately 2,600 tonnes of linen per week.

Throughout an extensive due diligence process, Ray worked closely with advisors and investors to structure a deal that would secure SPL’s future. In October 2018, a partnership was finalised with Anchorage Capital Partners, who—together with Ray—acquired 100% ownership of SPL.

Following the acquisition, Ray was appointed Chief Executive Officer, taking on full operational and strategic leadership of the business as it entered its next stage of expansion and transformation.

In late 2024, Ray relocated to Queensland and in 2025 retired from his executive director role and Board position and commenced industry consultancy.