The Ontario Teachers’ Pension Plan (Teachers’) will acquire a 29.7% interest in CSC ServiceWorks (CSC), a North American provider of laundry services, which is owned by investment management firm Pamplona Capital Management.
The terms of the deal have not been disclosed.
CSC provides multi-family housing and commercial laundry services, as well as air vending services to convenience stores and gas stations. It has more than 1.4 million machines in service and more 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 completed several acquisitions, including Sparkle Solutions Corp, Canada’s third-largest laundry route operator, and Mac-Gray Corp., a leading provider of laundry services in the U.S.
Teachers’ is participating in the transaction through its direct investment division, Teachers’ Private Capital, which has approximately $15 billion of invested capital.
Teachers’ is Canada’s largest single-profession pension plan, with $140.8 billion of net assets.
For the transaction, CSC and Pamplona used Morgan Stanley as a financial advisor and Lowenstein Sandler LLP as a legal advisor.
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