Sale of Laundry Machine Operator CSC Could Bring in $4 Billion
(Bloomberg) -- CSC ServiceWorks Inc., which operates laundry machines in New York City apartments and across the globe, is for sale and could fetch as much as $4 billion, including debt, according to people familiar with the matter.
Owners Pamplona Capital Management and Ontario Teachers’ Pension Plan are working with an adviser to solicit takeover interest in the Plainview, New York-based company, said the people, who asked to not be identified because the matter isn’t public. Potential buyers could include infrastructure-focused private equity firms, they said.
No final decision has been made and they could opt to keep the business, some of the people said.
Representatives for Pamplona, Ontario Teachers’ and CSC didn’t immediately respond to requests for comment.
Pamplona, a London-based investment management firm, created CSC in 2013 after acquiring and merging a laundry service company and a provider of automobile tire-inflation services, it said at the time. CSC has about $2.1 billion in debt, according to data compiled by Bloomberg.
The company’s more than 1.4 million laundry and other machines service more than 40 million residents in the U.S., Canada and Europe, according to its websites. They can be found in condos, co-ops, colleges, universities, hotels and resorts.
Rival WASH Multifamily Laundry Systems, a large provider of Canadian and U.S. laundry services, is owned by an affiliate of EQT AB, the Nordic private equity firm.
This isn’t the first time CSC has been in play. Reuters reported in July 2018 that CSC was exploring a sale.
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