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CSC ServiceWorks to explore possible sale: Reuters
Posted on Wednesday, 04 July 2018 14:02
CSC ServiceWorks, the US-based provider of home and commercial laundry services, is considering a sale that could be worth over USD 3.00 billion, including debt, according to Reuters.
Citing people with knowledge of the matter, who did not wish to be identified as the situation is confidential, the news provider noted that the vendor’s owners, Pamplona Capital and Ontario Teacher’s Pension Plan, have appointed Morgan Stanley to advise on the process.
Neither of the parties involved have commented on the report.
The sources said a possible sale follows the company expanding its business by adding tyre inflation and vacuum machine services.
Sources noted that other private equity investors could be among those to express an interest in the company.
Headquartered in Plainview, New York, CSC claims to be one of the leading purveyors of coin-operated laundry facilities and employs over 3,000 people internationally, in the US, Canada and Europe.
It also asserts to be the North American leader in pay air services for car tyre inflation.
The company was formed in 2013 when Pamplona acquired Coinmach Service and Air-serv Group for USD 1.40 billion.
A year later, Ontario Teachers became a 29.7 per cent shareholder in CSC ServiceWorks for an undisclosed figure.
The company’s services are used by the likes of co-ops, condos and public housing properties.
Its brands include include Coinmach, Mac-Gray, Appliance Warehouse, Kwik Wash and SDi Laundry Solutions, among others.
According to Zephyr, the M&A database published by Bureau van Dijk, there have been five deals targeting coin-operated laundries and drycleaners announced worldwide since the beginning of 2018.
The largest of these is worth USD 2.38 million and took the form of an unknown minority stake purchase in self-service laundry service Beijing Jingyipai Technology by individual investors.
Other companies to be targeted in this sector include Akvatel, Clean Solution, Russow Textile and Hangzhou Habitat Bird Streaming Media Technology.
© Zephus Ltd