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Caledonia Investments Acquires Majority Stake in AIR-serv Europe for £142.5m

Caledonia Investments PLC has announced the acquisition of a majority stake in the European division of AIR-serv, which comprises Airvending Ltd and AIR-serv Netherlands BV. The move comes as Caledonia aims to invest in high-quality, well-established private companies with proven management teams and strong long-term growth potential. The acquisition talks were confirmed in mid-April and have now been finalised.

Caledonia Investments subscribed £142.5 million for a 99.8% equity stake, and the management team invested £500,000 for the remaining equity. The balance of the purchase price will be funded through bank debt facilities of £60 million.

The target, AIR-serv Europe, which is headquartered in the UK, has gained a reputable image and is recognized for its inventive merchandise and outstanding client support. The company has grown to become a prominent manufacturer of air, vacuum, and jet wash machines, and now has over 200 employees, nine offices, and serves approximately 2,500 customers. AIR-serv also has approximately 20,000 machines installed across the UK and Ireland, the Benelux, France, Germany, and Spain.

The executive team and Caledonia directives have been discussing plans to take the company to the next level. The impressive financial performance, strong market position, and cash flow generation of AIR-serv Europe align perfectly with the fund’s private capital investment strategy. The main goal is to enhance the company's track record and broaden its reach across Europe with long-term investments in the business’s product quality, technical capability and customer service to take advantage of the significant growth potential in the chosen market.

Caledonia Investments' Head of Private Capital, Tom Leader, said the acquisition reflects the company's strategy of investing in well-established private companies with proven management teams and seeking long-term growth.

Written by: Ignacio Paz

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