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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
NOVEMBER 25, 1996
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Date of Report (Date of earliest event reported)
COINMACH LAUNDRY CORPORATION
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(Exact name of Registrant as specified in its character)
DELAWARE 1-11907 11-3258015
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) number)
55 LUMBER ROAD, ROSLYN, NEW YORK 11576
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(Address of Principal Executive Offices)
(516) 484-2300
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(Registrant's telephone number, including area code)
Exhibit Index is located on Page 4
Page 1 of 6
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Item 5. Other Events.
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Pursuant to a Stock Purchase Agreement, dated as of November 25, 1996 (the
"Agreement"), Coinmach Corporation, a wholly-owned subsidiary of Coinmach
Laundry Corporation (the "Company"), agreed to acquire 100% of the outstanding
voting securities of KWL, Inc., a Nevada corporation, and Kwik Wash Laundries,
Inc., a Nevada corporation, constituting all of the partners of Kwik Wash
Laundries, L.P. ("Kwik Wash"), a Texas limited partnership, for $125 million in
cash and a $15 million promissory note issued by the Company. Kwik Wash, based
in Dallas, Texas, provides coin-operated laundry equipment services to multi-
family dwellings in Texas, Louisiana, Arkansas and Oklahoma and operates
approximately 150 laundromat stores throughout Texas.
The closing of the transaction is subject to a number of conditions,
described more fully in the Agreement, including expiration or termination of
the waiting period provided under the Hart-Scott-Rodino Antitrust Improvements
Act of 1976.
Coinmach Corporation has also received a commitment for a $180 million
credit facility to be provided by Bankers Trust Company, First Union National
Bank of North Carolina and Lehman Brothers, Inc., which facility will replace
Coinmach Corporation's existing credit facility and will provide financing to
support the Company's acquisition strategy. It is presently anticipated that
the foregoing transactions will be consummated in early January, 1997.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
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c. Exhibits.
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The following exhibits are filed as part of this report.
99.1 Press release, dated November 25, 1996
99.2 Press release, dated November 25, 1996
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, the Registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
Dated: December 5, 1996
COINMACH LAUNDRY CORPORATION
/s/ ROBERT M. DOYLE
By: ______________________________________
Robert M. Doyle
Senior Vice President
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EXHIBIT INDEX
EXHIBIT PAGE
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NUMBER DOCUMENT NUMBER
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99.1 Press Release, dated November 25, 1996 5
99.2 Press Release, dated November 25, 1996 6
Page 4 of 6
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EXHIBIT 99.1
CONTACT:
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Mr. Robert M. Doyle, Senior Vice President and
Chief Financial Officer (516) 484-2300
Coinmach Laundry Corporation
FOR IMMEDIATE RELEASE:
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COINMACH LAUNDRY CORPORATION ANNOUNCES
AGREEMENT TO ACQUIRE KWIK WASH LAUNDRIES
NEW YORK, NEW YORK, November 25, 1996 -- Coinmach Laundry Corporation (NASDAQ:
WDRY) is pleased to announce that it has signed a definitive agreement to
acquire Kwik Wash Laundries L.P.
Kwik Wash provides coin-operated laundry equipment services to multi-family
dwellings located primarily in Texas, Louisiana, Arkansas and Oklahoma. It also
operates approximately 150 laundromats in Texas. For the twelve months ended
September 30, 1996, Kwik Wash had revenues of approximately $65 million and
EBITDA of approximately $23 million. Coinmach Corporation will acquire the
capital stock of Kwik Wash's partners for a purchase price consisting of $125
million in cash and a $15 million promissory note issued by Coinmach Laundry
Corporation.
Stephen R. Kerrigan, Chairman and CEO, said, "Kwik Wash represents our first
significant acquisition since our initial public offering and firmly establishes
us as the nation's leading provider of coin operated laundry equipment services
for multi-family properties. The Kwik Wash acquisition significantly increases
our penetration in the south central region of the U.S. We expect to integrate
Kwik Wash into our operations over the next six months and achieve significant
targeted cost savings. The combination of Kwik Wash and Coinmach for the twelve
months ended September 27, 1996, assuming no cost savings, results in combined
revenues of $248 million and EBITDA of $78 million."
The Kwik Wash acquisition will increase Coinmach's installed base of machines to
approximately 320,000, establishing the Company as the nation's largest provider
of coin-operated equipment laundry services to multi-family dwellings. The
transaction will be financed with cash and borrowings under its existing credit
facilities and is expected to be completed in early January, subject to certain
government approvals.
Coinmach Laundry Corporation is a leading provider of coin-operated laundry
equipment services for multi-family properties. Upon consummation of this
transaction, Coinmach will provide services to over 30,000 locations in 30
states and the District of Columbia.
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EXHIBIT 99.2
CONTACT:
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Mr. Robert M. Doyle, Senior Vice President and
Chief Financial Officer (516) 484-2300
Coinmach Laundry Corporation
FOR IMMEDIATE RELEASE:
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COINMACH CORPORATION ANNOUNCES
SENIOR BANK FINANCING COMMITMENT
NEW YORK, NEW YORK, November 25, 1996 -- Coinmach Corporation, a wholly-owned
subsidiary of Coinmach Laundry Corporation (NASDAQ: WDRY), has received a
commitment for up to $180 million in senior financing. This facility, provided
by Bankers Trust Company, First Union National Bank of North Carolina, and
Lehman Brothers, Inc., will replace Coinmach's existing $35 million facility and
will provide financing to support the Company's acquisition strategy.
Stephen R. Kerrigan, Chairman and CEO, said, "This new facility, arranged at
attractive terms, will assist the Company in pursuing its stated goal of
industry consolidation. The availability and pricing of this commitment
reflects Coinmach's performance as an industry consolidator over the past year
as well as its successful public debt and equity offerings."
Coinmach Laundry Corporation is a leading provider of coin-operated laundry
equipment services for multi-family properties. The Company owns and operates
approximately 247,000 coin-operated washers and dryers on routes in over 26,000
locations in 30 states and the District of Columbia. The Company is also a
distributor of laundromat equipment and turnkey laundromats.
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