BUSINESS

Ontario Teachers to buy stake in North American laundry service operator

10/21/2014 09:45 EDT | Updated 12/21/2014 05:59 EST
TORONTO - The Ontario Teachers' Pension Plan has agreed to buy a 29.7 per cent interest in CSC ServiceWorks, which operates laundry equipment and services for apartments, colleges and universities, from Pamplona Capital Management.

Terms of the deal were not disclosed.

CSC ServiceWorks includes Coinmach Corp., ASI Campus Laundry Solutions, SDI Laundry Solutions, Sparkle Solutions Corp., and Appliance Warehouse of America.

It also owns AIR-serv, which operates tire air pumps at convenience stores and gas stations in North America, the United Kingdom and elsewhere in Europe.

The company was created in 2013 when Pamplona acquired Coinmach Service Corp. and AIR-serv Group.

CSC later acquired Sparkle Solutions, Canada's third-largest laundry route operator, and Mac-Gray Corp. (NYSE:TUC), a provider of laundry services in the United States.

"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 Teachers' Private Capital.