NEW YORK and LONDON, October 21,
2014 /PRNewswire/ --
Pamplona Capital Management (Pamplona) is pleased to announce
that the Ontario Teachers' Pension Plan (Teachers'), the largest
single-profession pension plan in Canada with C$140.8
billion of net assets, has agreed to acquire a 29.7%
interest in CSC ServiceWorks (CSC). Terms of the transaction,
expected to close in December, are not being disclosed.
CSC is the largest North American route-based service provider
of multi-family housing and commercial laundry services, as well as
the global leader in air vending services to convenience stores and
gas stations, with more than 1.4 million machines in service and
greater than 3,000 associates across North America and Europe. CSC was created In May 2013 when Pamplona simultaneously acquired
Coinmach Service Corp. and AIR-serv Group LLC. Under
Pamplona's ownership, CSC has expanded its senior management team,
invested in information technology and systems, completed several
acquisitions, and grown organically, while nearly doubling EBITDA
to greater than $325 million.
CSC's acquisitions have included Sparkle Solutions Corp,
Canada's third-largest laundry
route operator, and Mac-Gray Corporation (NYSE: TUC), a leading
provider of laundry services in the U.S.
Teachers' transaction was led by its private equity group,
Teachers' Private Capital (TPC), which has approximately
$15 billion of invested capital.
"We are delighted to be partnering with Teachers' Private
Capital, one of the world's leading investment groups, as we seek
to further develop CSC as the premier provider of laundry and air
vending services," said Robert
Warden, a partner at Pamplona.
"CSC is a high-quality, stable business with excellent growth
prospects and we are delighted to be investing alongside Pamplona,"
said Jane Rowe, Senior
Vice-President of TPC.
"We have the best workforce in the industry, and I appreciate
that both Teachers' and Pamplona recognize the value they create
every day, as well as their commitment to continuous improvement,"
said Bob Doyle, CEO of CSC
ServiceWorks.
Last month Pamplona agreed to buy Mobile, Alabama-based BBB Industries, a
leading manufacturer and distributor of automotive parts. Other
transactions this year have included the sale of an 8.5% stake in
oil services company Nabors Industries Ltd; the acquisition of
Beacon Rail Leasing, a leading lessor of locomotives in the UK and
Europe, for $450 million; and of a majority stake in Alvogen,
one of the fastest growing generics companies in the
pharmaceuticals industry.
Morgan Stanley & Co. LLC acted as exclusive financial
advisor to CSC and Pamplona on the transaction. Lowenstein
Sandler LLP provided legal advice to CSC and Pamplona on the
transaction.
About Pamplona Capital Management
Pamplona Capital Management is a London and New
York based specialist investment manager established in 2005
that provides an alternative investment platform across private
equity, fund of hedge funds and single manager hedge fund
investments. Pamplona Capital Management, LLP manages over
USD 10 billion in assets across a
number of funds for a variety of clients including public pension
funds, international wealth managers, multinational corporations,
family offices and funds of hedge funds. Pamplona is
currently managing its fourth private equity fund, Pamplona Capital
Partners IV LP, which was raised in 2014. Pamplona invests
long-term capital across the capital structure of its portfolio
companies in both public and private market situations.
Please see Pamplonafunds.com for further information.
About Ontario Teachers' Pension Plan
Ontario Teachers' Pension Plan is Canada's largest single-profession pension
plan with C$140.8 billion in net
assets. It pays pensions and invest plan assets on behalf of
307,000 working and retired teachers. Established as an independent
organization in 1990, it has built an international reputation for
innovation and leadership in investment management and member
services. Teachers' employs more than 1,000 employees at its head
office in Toronto, Canada, and
investment offices in London,
Hong Kong, and New York. Teachers' Private Capital is
the private equity arm of Teachers', and currently has $15 billion of invested capital. Please see
http://www.otpp.com for further information.
About CSC ServiceWorks
CSC ServiceWorks, with over 1.4 million machines in service, is
the leading provider of multi-family housing and commercial laundry
solutions as well as the industry leader in air vending services at
convenience stores and gas stations. CSC ServiceWorks' family of
businesses includes: Coinmach Corp., ASI Campus Laundry Solutions,
SDI Laundry Solutions, Sparkle Solutions Corp., Appliance Warehouse
of America, AIR-serv, AirValet Mac-Gray and Super Laundry. CSC
ServiceWorks has a workforce of over 3,000 dedicated professionals
throughout the United States,
Canada and Europe. Please see
http://www.cscserviceworks.com for further information.
SOURCE Pamplona Capital Management