AUSTRALIA: Macquarie to acquire AIR-serv
A consortium led by Australian venture capitalists, Macquarie Capital Alliance Management Limited (MCAG), has agreed to acquire 100% of ASI Holding Corp, owner and operator of tyre inflation vending equipment across North America and the UK.
The acquisition price is $US420m (c.$A570m).
MCAG will invest up to $US109m, which is up to 61% of the total equity requirement of $US179m.
Founded in 1981, ASI Holding Corp (trading as AIR-serv) owns and operates over 60,000 tyre inflation and vacuum vending machines under long term concession agreements with thousands of petrol station and convenience store sites in the US, Canada and the UK.
Today, vending equipment for tyre inflation is installed at approximately 65% of petrol stations and convenience stores in the US. AIR-serv's tyre inflation equipment is offered at a small per-use charge.
The chief executive officer of MCAG, Michael Cook, said: "AIR-serv is a well managed and profitable business. It is ideally positioned to continue to grow in North America and the UK as well as expand into new markets. We are delighted to have secured this investment for MCAG security holders."