Laundry-services company Mac-Gray to be acquired for $524 million

CSC ServiceWorks Inc. has agreed to buy the Waltham-based laundry services company Mac-Gray Corp. in a deal valued at $524 million, the two companies said in a Tuesday press release.

Photos taken from Mac-Gray’s website.

CSC, a Plainview, N.Y.-based firm that describes itself as a provider of “multi-family housing and commercial laundry solutions,’’ said it will acquire all of the outstanding common stock of Mac-Gray for $21.25 per share, payable in cash, which represents a premium of 42 percent over Mac-Gray’s closing stock price on Oct. 14.

The aggregate value of the transaction is approximately $524 million, taking into account Mac-Gray’s outstanding stock options, restricted stock units, and net debt as of June 30, 2013. The transaction has been unanimously approved by Mac-Gray’s board of directors. In 2012, Mac-Gray had revenue of $322.1 million. The transaction is expected to be completed in the first half of 2014.

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In a statement, Mac-Gray chairman Thomas E. Bullock said: “After a careful and thorough evaluation process, the Mac-Gray board has determined that the all-cash transaction with CSC maximizes value for our shareholders. The Board strongly believes that this transaction achieves that result, providing a significant premium for our shareholders.’’

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