Laundry management services provider Mac-Gray (NYSE: TUC) has been acquired by competitor CSC ServiceWorks, which is backed by Pamplona Capital Management. All of Mac-Gray's outstanding common stock has been acquired for $21.25 a share (a 42% premium over its last closing price). The transaction's aggregate value was about $584 million, including net debt.
Mac-Gray owns and operates laundry facilities used by the multi-family and academic housing sectors. Its new parent, CSC ServiceWorks, was created by Pamplona last May through a $1.4 billion merger of Coinmach and Air-Serv Group, which combined Coinmach's laundry services with Air-Serv's air vending services offered at convenience stores and gas stations.