CSC Laundry Machine Firm Up For Sale; Could Fetch $4B

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Laundry machine operator CSC ServiceWorks Inc. is up for sale and could fetch as much as $4 billion, according to those familiar with the company.

CSC operates laundry machines in New York City and worldwide.

The owners, Pamplona Capital Management and Ontario Teachers’ Pension Plan, are trying to find firms interested in buying CSC. Those who spoke to Bloomberg about the matter remained anonymous. They said that some of the firms interested could include infrastructure-focused private equity firms.

But no final decisions have been made yet. The owners could decide to keep the business, sources said.

London-based investment firm Pamplona created CSC in 2013, acquiring and merging a laundry service company and a provider of automobile tire-inflation services.

They’re about $2.1 million in debt, according to data Bloomberg has compiled.

The company runs 1.4 million laundry machines and other services, servicing over 40 million people in the U.S., Canada and Europe. Their properties can be found in condos, co-ops, colleges, universities, hotels and resorts.

Their rival is WASH Multifamily Laundry System, which provides many Canadian and U.S. services. They are owned by an affiliate of Nordic private equity firm EQT AB.

CSC was also potentially up for a sale in July 2018, according to Reuters.

Laundry is yet another service that is being revolutionized by modern technology and the gig economy. One startup, The Laundry Chute, aims to outsource laundry services for college students busy with homework and classes. The Laundry Chute works to provide a P2P service related to laundry, recruiting students to do their peers’ laundry. In some cases, the laundry can be completed in around three hours.

The Laundry Chute has partnered with a myriad of other entities involved in laundry, including CSC, as well as Church & Dwight Co., which owns Arm & Hammer and OxyClean products.