Pursant’s Investment Banking Practice is pleased to announce that Laundryland Route, Inc. has been acquired by CSC Service Works.
Our Client
Glenview, IL – Established in 1983, Laundryland Route, Inc. (“Laundryland” or the “Company”) has grown to be one of the largest multifamily laundry facility operators in the Midwest. With nearly 300 locations and more than 4500 machines in service, the Company serves multifamily housing, condominiums, student and senior housing and affordable housing communities in Illinois, Wisconsin and Indiana.
The Transaction
On April 1, 2014, Laundryland was acquired by CSC ServiceWorks (“CSC”) as part of a long-term strategic expansion plan. CSC ServiceWorks is North America’s largest laundry route operator and provider of air vending services, with more than one million machines in service. CSC’s family of businesses includes: Coinmach Corp., ASI Campus Laundry Solutions, SDI Laundry Solutions, Sparkle Solutions Corp., Appliance Warehouse of America, AIR-serv, AirValet and Super Laundry. CSC has a workforce of more than 2,250 professionals throughout the United States, Canada and Europe.
How Pursant Helped
Pursant LLC acted as the sole Merger & Acquisition Advisor to Laundryland for the transaction. Levenfeld Pearlstein, LLC acted as legal counsel to Laundryland. The Pursant team took ownership of the acquisition process from beginning through close, freeing the owners of Laudryland to focus on the operations of their business. Pursant sought out buyers that stood to gain the most from acquiring Laundryland, managed a competitive bid process and executed every phase of the deal-cycle with precision.
Accolades
“I can humbly state that without the Pursant team, I would not have fully recognized the value of my company and likely not have had such a successful sale.” — Andrew Newman, President, Laundryland. “I am extremely proud to be able to include Laundryland within the CSC Service Works family of companies. I also want to thank the team at Pursant, which assisted Laundryland professionally and expeditiously throughout this transaction.” — Ramon Norniella, Chief Development Officer, CSC Service Works. “We are thrilled for both the owners of Laundryland and CSC. The owners of Laundryland were able to monetize the value of their company at the right time in relation to their personal goals and life stage. A talented operator like CSC will take Laundryland to the next level of growth and service.” — Mark Herbick, CEO, Pursant