New York/London ‐ Pamplona Capital Management (Pamplona) and the Ontario Teachers’ Pension Plan (Teachers’) are pleased to announce that investment funds managed by the private equity business of Neuberger Berman have acquired a minority interest in CSC ServiceWorks (CSC). Terms of the transaction 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 United States. Teachers’ previously acquired a 29.7% stake in CSC from Pamplona in November 2014.
“We welcome the opportunity to partner with Neuberger Berman, one of the world’s leading employeeowned investment managers, as we seek to further develop CSC as the premier provider of laundry and air vending services,” said Robert Warden, a partner at Pamplona.
Bob Doyle, CEO of CSC ServiceWorks said, “The investment by Neuberger Berman is an affirmation of all the positive changes and growth that CSC has experienced over the last two years as well as a vote of confidence in the future of CSC. I am proud of my team and what we have accomplished and am excited for what we have yet to accomplish. I look forward to working with Neuberger Berman as an investment partner.”
Lowenstein Sandler LLP provided legal advice to CSC and Pamplona on the transaction.
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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 as of December 31, 2013. It pays pensions and invests 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 and Hong Kong. Teachers’ Private Capital is the private equity arm of Teachers’, with $15 billion of invested capital at 2013 year end. Please see 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 www.cscserviceworks.com for further information.
About Neuberger Berman
Neuberger Berman, founded in 1939, is a private, independent, employee‐owned investment manager. The firm manages equities, fixed income, private equity and hedge fund portfolios for institutions and advisors worldwide. With offices in 18 countries, Neuberger Berman’s team is more than 2,100 professionals and the company was named by Pensions & Investments as a 2013 and 2014 Best Place to Work in Money Management. Tenured, stable and long‐term in focus, the firm fosters an investment culture of fundamental research and independent thinking. It manages $250 billion in client assets as of December 31, 2014. For more information, please visit our website at www.nb.com