LONDON, UK: Caledonia Investments plc has announced its acquisition of a majority stake in AIR-serv Europe, which comprises Airvending Limited and AIR-serv Netherlands B.V.
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.
Airvending Limited and AIR-serv Netherlands B.V., both headquartered in Wigan, Lancashire, design and manufacture air, vacuum, and jet wash machines for fuel station forecourt operators across Western Europe.
The company has over 200 employees, operates from nine offices, and has over 20,000 machines installed across more than 15,000 customer locations in the UK and Ireland, the Benelux, France, Germany and Spain.
AIR-serv Europe has a well-respected brand and is known for its innovative products and exceptional customer service. Clive Steel has been leading the UK and Ireland operations of the company since 2012 and became CEO of AIR-serv Europe in 2022.
Caledonia has invested £142.5m for a 99.8% equity stake in the business, with the management team investing approximately £0.5m for the remaining equity. The balance of the purchase price will be financed from bank debt facilities totalling £60.0m.
AIR-serv Europe has operated as an independent division of US-based CSC ServiceWorks since CSC acquired the business, along with the North-American AIR-serv operations, in 2013.
Tom Leader, Caledonia’s Head of Private Capital, said: “We are proud to have become the new owners of AIR-serv Europe and to partner with Clive Steel and his team in the next stage of the company’s development. The strength and consistency of AIR-serv Europe’s profitability, cash generation and market position are an ideal fit with our Private Capital investment strategy. We believe there are exciting opportunities to build further on the Business’ excellent record and to expand its European presence.”
Clive Steel, AIR-serv’s CEO, commented: “I am delighted to welcome Caledonia as AIR-serv Europe’s new equity sponsor. With Caledonia’s financial support, flexibility and long-term investment horizon, I am confident that we can build on the Business’ reputation for product quality, technical capability and customer service to take advantage of the significant growth potential in our chosen markets.”
Eric Robinson, CEO of CSC, said: “As owners of AIR-serv Europe for the last decade, our goal was to find a buyer that would be committed to the long-term development of the Business. We are therefore delighted to pass stewardship of the company on to Caledonia; with backing from the Cayzer family and a reputation as a long-term, supportive investor, I wish Caledonia, along with Clive Steel and his team, every success in the future.”
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