July 3, 2018 / 5:04 PM / in 16 days

Laundry machine vendor CSC ServiceWorks explores sale: sources

(Reuters) - CSC ServiceWorks Inc, one of the largest U.S. vendors of coin-operated laundry machines, is exploring a sale that could value the private equity-owned company in excess of $3 billion, including debt, according to people familiar with the matter.

The move comes as CSC has been growing its business of also providing tire inflation and vacuum machines. It is now the largest purveyor of pay air services for car tire inflation in North America, according to its website.

CSC’s owners, Pamplona Capital Management LLP and Ontario Teacher’s Pension Plan, have hired investment bank Morgan Stanley to run an auction for CSC, the sources said this week, asking not to be identified because the matter is confidential.

CSC could attract interest from other private equity firms, the sources added.

Pamplona and Ontario Teachers declined to comment, while Morgan Stanley did not immediately respond to requests for comment.

Headquartered in Plainview, New York, CSC provides Coinmach laundry machines for apartment communities, co-ops, condos, military housing and public housing properties.

Pamplona formed CSC in 2013 with the acquisition for a combined $1.4 billion of Coinmach Service Corp and AIR-serv Group. Ontario Teachers acquired a 29.7 percent interest in CSC in 2014 for an undisclosed sum.

Reporting by Greg Roumeliotis and Joshua Franklin in New York; Editing by Tom Brown and Marguerita Choy

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