Coinmach Service Corp. and AIR-serv Acquired by Pamplona Capital Management for $1.4 Billion

LONDON, ENGLAND, May 16, 2013 (Press-News.org) Pamplona Capital Management ("Pamplona") is pleased to announce that it has acquired Coinmach Service Corp. ("Coinmach") the market leading multi-family laundry service provider, and AIR-serv Group LLC ("AIR-serv"), the largest provider of pay air services for automobile tire inflation in North America. The combination, with a transaction value of $1.4 billion, creates a new company, CSC ServiceWorks, Inc ("CSC").

Coinmach is the largest supplier of outsourced laundry equipment services for multi-family housing properties in the United States. The company services approximately seven million individual housing units in 45 states. AIR-serv, which provides pay air services to gas stations and convenience stores, will become a wholly owned subsidiary of CSC and maintain the brand name AIR-serv in select markets.

CSC will have a workforce of over 2,250 dedicated professionals, and will service nearly 1 million air and laundry systems throughout North America and Europe.

Robert M. Doyle, Chief Executive Officer of CSC, will lead the new company along with the existing management team from AIR-serv. 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.

"Pamplona is excited to partner with Bob Doyle and his world-class team. With the combined company's new and flexible capital structure, we look forward to supporting the company's growth strategy, including future acquisitions, in both the laundry and air service lines" said Robert Warden, partner at Pamplona Capital Management.

"We are thrilled to partner with Pamplona in launching CSC ServiceWorks," said Robert M. Doyle, CEO. "Through this partnership, and with the addition of AIR-serv, we are able to accelerate our vision of building a world-class, diversified, route based service organization. We are excited to offer our customers a single, fully integrated platform combining the resources of two respected industry leaders with distinct yet complementary attributes."

Mr. Doyle commented on the selection of the new name, "We chose CSC ServiceWorks because it signifies the dynamic, new directions we're taking. It represents a move away from coin-based systems to fresh and innovative digital solutions. It also embodies our shift from being an aggregation of regional, entrepreneurial entities to a single, integrated services organization. All these efforts are well underway thanks to the dedication and hard work of the best people in the industry. Because of their continuing efforts the future looks promising. I'm extremely grateful for the opportunity to lead such a dynamic organization to new levels of service and growth."

George McGeeney, CEO of AIR-serv shared Mr. Doyle's enthusiasm, stating, "CSC ServiceWorks represents an ideal union, as it combines CSC's technology and nationwide footprint with AIR-serv's nationwide footprint and extensive service network. I am confident the combination of both companies will deliver a superior solution to all its customers while greatly enhancing the end-user experience. Over the next year, management teams from both companies will work together to share best practices."

Advisors
Morgan Stanley served as financial advisor and Kirkland & Ellis served as legal advisor to Pamplona Capital Management. Evercore Partners and Deutsche Bank served as financial advisors and White & Case served as legal advisor to CSC ServiceWorks.

About CSC ServiceWorks
CSC ServiceWorks is the leading provider of multi-family housing and commercial laundry solutions as well as air vending services primarily at convenience stores and gas stations. CSC's family of businesses includes: Appliance Warehouse of America, AIR-serv, AirValet, ASI Campus Laundry Solutions, SDI Laundry Solutions and Super Laundry. CSC ServiceWorks has a workforce of over 2,250 dedicated professionals, and will service just under 1 million air and laundry systems throughout the U.S., Canada and Europe.

About AIR-serv
Since 1981 AIR-serv has partnered with convenience stores, gasoline stations, and car washes to provide convenient, reliable tire inflation and vacuum services to the driving public. Today, as the industry leader with more than 65,000 locations, it has the most extensive, expert distribution and service network in the coin-operated tire inflation and vacuum industry.

For more information, please visit: www.coinmachservicecorp.com and www.air-serv.com.

About Pamplona Capital Management
Pamplona Capital Management is a specialist investment manager established in 2005 that provides an alternative investment platform across private equity, fund of hedge funds and single manager hedge fund investments. Pamplona manages over $6.0 billion in assets for a variety of clients including public pension funds, international wealth managers, multinational corporations, family offices and funds of hedge funds. Pamplona is currently managing its third private equity fund, Pamplona Capital Partners III, LP, which was raised in 2011 and has committed capital of $2.6 billion. Pamplona invests long-term capital across the capital structure of its portfolio companies in both public and private market situations.

For more information, please visit: www.pamplonafunds.com

PRESS CONTACT:

Raymond Loser
CSC ServiceWorks, Inc.
Tel: 516-349-8555 x11251
rloser@coinmachcorp.com

For enquiries regarding Pamplona:
Ed Orlebar/James Macey White
Tulchan Communications
Tel: +4420 73534200
eorlebar@tulchangroup.com
jmaceywhite@tulchangroup.com