Pamplona Capital Management is to invest $270m in US laundry company Coinmach Service Corp, as part of a $1.17bn leveraged buyout.
The company is the single largest provider of outsourced laundry services for multi-family housing properties in North America. Revenues in 2012 were recorded at $578m.
As part of the deal, Coinmach secured a first lien senior secured credit facility, consisting of a $75m revolver due 2018 and a $770m term loan due in 2019.
According to Reuters, Deutsche Bank and Morgan Stanley lead the first-lien loan, alongside Credit Suisse, KeyBanc and UBS as joint leads.
Pamplona’s first private equity fund, Pamplona Capital Partners I, was established in 2005 with €322m of committed capital and is fully invested
Pamplona’s second private equity fund, Pamplona Capital Partners II, was established in 2007 with €1.3bn of committed capital and is fully invested
Pamplona’s third private equity fund, Pamplona Capital Partners III, was established in 2011 and has committed capital of €2bn
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