The Ontario Teachers' Pension Plan has agreed to acquire a 29.7 per cent interest in Pamplona Capital Management’s CSC ServiceWorks.
Terms of the transaction, expected to close in December, have not been disclosed.
CSC is the largest North American route-based service provider of multi-family housing and commercial laundry services.
CSC was created In May 2013 when Pamplona simultaneously acquired Coinmach Service Corp and AIR-serv Group. Under Pamplona's ownership, CSC has expanded its senior management team, invested in information technology and systems, completed several acquisitions, and grown organically, while nearly doubling EBITDA to greater than USD325 million.
CSC's acquisitions have included Sparkle Solutions Corp, Canada's third-largest laundry route operator, and Mac-Gray Corporation, a provider of laundry services in the US.
Teachers' transaction was led by its private equity group, Teachers' Private Capital (TPC), which has approximately USD15 billion of invested capital.
"We are delighted to be partnering with Teachers' Private Capital, one of the world's leading investment groups, as we seek to further develop CSC as the premier provider of laundry and air vending services," says Robert Warden, a partner at Pamplona.
"CSC is a high-quality, stable business with excellent growth prospects and we are delighted to be investing alongside Pamplona," says Jane Rowe, senior vice-president of TPC.
