Pamplona buys U.S.-based Coinmach, AIR-serv for total $1.4 billion
(Reuters) - Pamplona Capital Management said it acquired two U.S.-based companies -- Coinmach Service Corp, a provider of laundry services, and AIR-serv Group, which provides vacuum services and tire inflation for cars -- for a combined $1.4 billion.
The two companies will be combined to form CSC ServiceWorks Inc, London-based private equity fund Pamplona said in a statement on Wednesday.
The transaction was financed by a $795 million first-lien term loan, as well as a $325 million second-lien term loan that was fully underwritten by Pamplona.
Morgan Stanley was the financial adviser and Kirkland & Ellis the legal adviser to Pamplona. Evercore Partners and Deutsche Bank were the financial advisers to CSC ServiceWorks and White & Case was the legal adviser.
(Reporting by Brenton Cordeiro in Bangalore; Editing by Don Sebastian)