Liberty Corporate Finance is delighted to announce that it has advised the management team of AIR-serv on the acquisition by Caledonia Investments of a majority stake in the 200-strong designer and manufacturer of air, vacuum and jet wash machines in a multimillion-pound deal.
The stake is in the European division of AIR-serv, comprised of Airvending Ltd and AIR-serv Netherlands (together AIR-serv Europe).
Founded in 1984, AIR-serv Europe operates from nine offices, and serves about 2,500 customers with approximately 20,000 machines installed across more than 15,000 customer locations in the UK and Ireland, the Benelux, France, Germany and Spain.
Clive Steel became AIR-serv Europe's chief executive in 2022 having led the business' operations in the UK and Ireland since 2012.
AIR-serv Europe has operated as an independent division of US based CSC ServiceWorks since CSC acquired the business, alongside the North-American AIR-serv operations in 2013.
Caledonia has subscribed £142.5m for a 99.8 per cent equity stake in AIR-serv Europe alongside an investment from the management team of £500,000 for the remaining equity.
The balance of the purchase price will be financed from bank debt facilities totalling £60m.
The acquisition underlines self-managed investment trust company Caledonia's strategy of investing in quality, robust, well-established private companies, with proven management teams, and seeking long-term growth.
Clive Steel, AIR-serv's chief executive, added: "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."