October 21, 2014

New York/London - Pamplona Capital Management (Pamplona) is pleased to announce that the Ontario Teachers' Pension Plan (Teachers'), the largest single-profession pension plan in Canada with C$140.8 billion of net assets, has agreed to acquire a 29.7% interest in CSC ServiceWorks (CSC). Terms of the transaction, expected to close in December, are not being disclosed.

CSC is a leading North American route-based service provider of multi-family housing and commercial laundry services, as well as a global leader in air vending services to convenience stores and gas stations, with more than 1.4 million machines in service and greater than 3,000 associates across North America and Europe. CSC was created In May 2013 when Pamplona simultaneously acquired Coinmach Service Corp. and AIR-serv Group LLC. Under Pamplona's ownership, CSC has expanded its senior management team, invested in information technology and systems, completed several acquisitions, and grown organically, while nearly doubling EBITDA to greater than $325 million. CSC's acquisitions have included Sparkle Solutions Corp, Canada's third-largest laundry route operator, and Mac-Gray Corporation (NYSE: TUC), a leading provider of laundry services in the U.S.

Teachers' transaction was led by its private equity group, Teachers' Private Capital (TPC), which has approximately $15 billion of invested capital.

"We are delighted to be partnering with Teachers' Private Capital, one of the world's leading investment groups, as we seek to further develop CSC as the premier provider of laundry and air vending services," said Robert Warden, a partner at Pamplona.

"CSC is a high-quality, stable business with excellent growth prospects and we are delighted to be investing alongside Pamplona," said Jane Rowe, Senior Vice-President of TPC.

"We have the best workforce in the industry, and I appreciate that both Teachers' and Pamplona recognize the value they create every day, as well as their commitment to continuous improvement," said Bob Doyle, CEO of CSC ServiceWorks.

Last month Pamplona agreed to buy Mobile, Alabama-based BBB Industries, a leading manufacturer and distributor of automotive parts. Other transactions this year have included the sale of an 8.5% stake in oil services company Nabors Industries Ltd; the acquisition of Beacon Rail Leasing, a leading lessor of locomotives in the UK and Europe, for $450 million; and of a majority stake in Alvogen, one of the fastest growing generics companies in the pharmaceuticals industry.

Morgan Stanley & Co. LLC acted as exclusive financial advisor to CSC and Pamplona on the transaction. Lowenstein Sandler LLP provided legal advice to CSC and Pamplona on the transaction.

Media enquiries:
Temple Bar Advisory
Ed Orlebar
Phone: +44 20 7002 1510/ +44 773 872 4630
E-Mail: edo@templebaradvisory.com

About Pamplona Capital Management

Pamplona Capital Management is a London and New York based 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 Capital Management, LLP manages over USD 10 billion in assets across a number of funds 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 fourth private equity fund, Pamplona Capital Partners IV LP, which was raised in 2014. Pamplona invests long-term capital across the capital structure of its portfolio companies in both public and private market situations.

About Ontario Teachers' Pension Plan

Ontario Teachers' Pension Plan is Canada's largest single-profession pension plan with C$140.8 billion in net assets. It pays pensions and invest plan assets on behalf of 307,000 working and retired teachers. Established as an independent organization in 1990, it has built an international reputation for innovation and leadership in investment management and member services. Teachers' employs more than 1,000 employees at its head office in Toronto, Canada, and investment offices in London, Hong Kong, and New York. Teachers' Private Capital is the private equity arm of Teachers', and currently has $15 billion of invested capital. Please see www.otpp.com for further information.

About CSC ServiceWorks

CSC ServiceWorks, with over 1.4 million machines in service, is a leading provider of multi-family housing and commercial laundry solutions as well as an industry leader in air vending services at convenience stores and gas stations. CSC ServiceWorks' family of businesses includes: Coinmach Corp., ASI Campus Laundry Solutions, SDI Laundry Solutions, Sparkle Solutions Corp., Appliance Warehouse of America, AIR-serv, AirValet Mac-Gray and Super Laundry. CSC ServiceWorks has a workforce of over 3,000 dedicated professionals throughout the United States, Canada and Europe. Please see www.cscserviceworks.com for further information.

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Ontario Teachers'
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