PE-Backed Laundry Servicer CSC Puts Up $524M For Rival

Law360, New York (October 15, 2013, 1:20 PM EDT) -- Private equity-backed laundry services provider CSC ServiceWorks Inc. has agreed to acquire laundry facilities manager Mac-Gray Corp. in a deal valued at $524 million including debt, CSC said Tuesday.

CSC will pay Mac-Gray stockholders $21.25 per share in cash, a 42.3 percent premium over the Waltham, Mass.-based firm's closing price on the New York Stock Exchange on Tuesday. CSC is a platform created by London-based private equity firm Pamplona Capital Management through a series of acquisitions, the latest in May of this year.

Mac-Gray's board of...
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