Caledonia Investments has acquired a majority stake in the European division of AIR-serv, comprised of Airvending Limited and AIR-serv Netherlands B.V. Headquartered in Wigan, Lancashire, AIR-serv Europe is a leading designer and manufacturer of air, vacuum and jet wash machines which it provides as turn-key solutions to fuel station forecourt operators across Western Europe.
The business, which was founded in 1984, has over 200 employees, operates from nine offices, and serves about 2,500 customers with about 20,000 machines installed across more than 15,000 customer locations in the UK and Ireland, the Benelux, France, Germany and Spain.
Caledonia has subscribed £142.5m for a 99.8% equity stake in the business alongside an investment from the management team of about £0.5m for the remaining equity. The balance of the purchase price will be financed from bank debt facilities totalling £60.0m.
CLDN : Caledonia buys AIR-serv