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Pamplona Acquires Coinmach, Air-Serv in $1.4 Billion Transaction

Pamplona Capital Management LLP agreed to buy Coinmach Service Corp., the biggest laundry-equipment service provider in the U.S., and Air-Serv Group LLC in a transaction valued at $1.4 billion.

Air-Serv provides car-tire inflation services in North America, according to a statement today. Pamplona is combining the companies into a new entity, CSC ServiceWorks Inc. Robert Doyle, currently chief executive officer of Coinmach, will lead the merged company along with the existing management team from Air-Serv, the statement shows.

Coinmach is London-based Pamplona’s first acquisition in the U.S. The private-equity firm, whose investments are mostly in Europe, may look for more acquisitions in the U.S. since hiring former Cerberus Capital Management LP executive Robert Warden, an American, as a partner last year, a person familiar with the matter said last month. Warden was a managing director at Cerberus and focused on industrial-company deals, a person with knowledge of the move said at the time.

Morgan Stanley provided financial advice to Pamplona, while Kirkland & Ellis LLP served as legal adviser. Evercore Partners Inc. and Deutsche Bank AG acted as financial advisers to CSC ServiceWorks, while White & Case LLP acted as legal counsel.

Coinmach was acquired in November 2007 by Sydney-based Babcock & Brown Ltd. for more than $1.3 billion. Royal Bank of Scotland Plc and Deutsche Bank later took control of the laundry-service company, according to the person familiar with the matter. Coinmach’s roots go back to 1947, when the company began with a single laundry facility on the banks of Long Island Sound, according to the corporate website.

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