| Ticker: WDRY | 55 Lumber Road | |
| Exchange: NASDAQ-National Market | Roslyn, New York 11576 | |
| Industry: Service | (212) 278-1509 |
| Type of Shares: | Common Shares | Filing Date: | 5/13/96 | |
| U.S. Shares: | 4,120,000 | Offer Date: | 7/17/96 | |
| Non-U.S. Shares: | 0 | Filing Range: | $16.00 - $18.00 | |
| Primary Shares: | 4,120,000 | Offer Price: | $14.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.98 | |
| Offering Amount: | $70,040,000 | Selling: | $0.56 | |
| Expenses: | - | Reallowance: | $0.10 | |
| Shares Out After: | 10,421,174 |
| Manager | Tier | Phone |
| Lehman Brothers Incorporated | Lead Manager | (212) 640-6129 |
| Dillon, Read & Co. Inc. | Co-manager | (212) 906-7000 |
| Fieldstone FPCG Services, L.P. | Co-manager | (212) 692-3400 |
| Lazard Freres & Co. | Co-manager | (212) 632-3000 |
| Auditor: Ernst & Young | |||||
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 3/29/96 | 3/29/96 | ||||
| Revenue: | $178.79 | Assets: | $249.15 | ||
| Net Income: | -$8.64 | Liabilities: | $250.46 | ||
| EPS: | -$0.32 | Equity: | -$1.31 | ||
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| The Company, established in 1948, is a leading supplier of coin-operated laundry equipment services for multi-family properties in the United States. The Company leases laundry rooms from building owners and management companies, installs and services the laundry equipment and collects the revenues generated from the machines. The Company owns and operates over 245,000 coin-operated washers and dryers on routes in over 26,000 buildings located in 28 states and the District of Columbia. The Company's routes are located throughout the Northeast, Mid-Atlantic, Southeast, South-Central and Mid-West regions of the United States. Based upon its knowledge of the industry, management believes that the Company is the second largest such supplier in the United States and the largest in the eastern United States. The coin-operated laundry services industry is characterized by stable cash flows generated by long-term, renewable lease contracts with multi-family property owners and management companies. Laundry service equipment is installed and serviced in multi-family properties, including rental buildings, condominium and cooperative associations and university and other institutional housing. The coin-operated laundry services industry is fragmented nationally, with many small, private and family-owned route businesses continuing to operate throughout all major metropolitan areas. |
| Use of Proceeds |
| The net proceeds to be received by the Company from the Offering will be utilized by the Company: (i) to redeem the Preferred Stock (as defined) for an aggregate redemption price equal to $19,132,583, (ii) to pay GTCR IV, L.P., the general partner of GTCR, a termination fee in an amount equal to $500,000 in connection with the termination of the Company Management Agreement, (iii) to repay in full all outstanding indebtedness under the Company's revolving credit facility and (iv) for general corporate purposes, which may include certain selected acquisitions or open market purchases from time to time of the Company's outstanding indebtedness. |
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