The multi-family supplier for laundry requirements, Coinmach Service Corp and North America-based source of paid air services for car tire inflation, AIR-serv Group were acquired by Pamplona Capital Management at the price of US$1.4 billion.
The acquisitions result in the creation of a new company, CSC ServiceWorks, Inc. Coinmach is the biggest source of laundry equipment services for housing complexes in the United States. AIR-serv, the supplier of pay air services to convenience stores and gasoline stations, will be a solely owned subsidiary of CSC but will maintain its brand name AIR-serv at selected markets.
CSC will have over 2,250 devoted professionals that will serve around 1 million laundry and air systems in the entire Europe and North America. Chief Executive Officer of CSC, Robert M. Doyle will be heading the new company and will be working with the existing management team of AIR-serv.
Pamplona Capital Management Partner Robert Warden related,"Pamplona is excited to partner with Bob Doyle and his world-class team. With the combined company's new and flexible capital structure, we look forward to supporting the company's growth strategy, including future acquisitions, in both the laundry and air service lines."
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