Moab Capital Partners Closes Stake in Mac-Gray Corporation (TUC) Following Merger

Moab Capital Partners, managed by  Michael M. Rothenberg and David Sackler, in a filing revealed that it no longer has a stake in Mac-Gray Corporation (NYSE:TUC). Earlier, the fund held 1.34 million shares of the company representing 9.1% stake in Mac-Gray Corporation (NYSE:TUC)’s common stock. The position was sold out following Mac-Gray’s acquisition by Spin Holdco.

Mac-Gray

Post the January 9, 2014 completion of Mac-Gray Corporation (NYSE:TUC) merger with CSC Service Work, all shares of Mac-Gray Corporation (NYSE:TUC) which were beneficially owned by the Moab Capital ceases to exist. All shareholders, including Moab Capital supported the merger.

As per the October CSC Fenway, Inc. and Mac-Gray Corporation (NYSE:TUC), entered into a definitive merger agreement, under the terms of which the former has acquired all the outstanding common stock issued by Mac-Gray, paying $21.25 per share which represents a 42% appreciation on October 14, 2013 close price of Mac-Gray’s stock. CSC Fenway, Inc. is a wholly-owned subsidiary of Spin Holdco, which is a subsidiary of CSC ServiceWorks, Inc.

CSC is a leading provider of multi-family housing and commercial laundry solutions. Mac-Gray, is a laundry facilities management services provider which is also into selling and service of commercial laundry equipment to retail customers. Mac-Gray Corporation (NYSE:TUC), has paid out dividend of $0.0875 per share at the beginning of January.

Mario Gabelli’s Gamco Investors upped its stake in Mac-Gray Corporation (NYSE:TUC) to 8.24% from 6.66% held earlier. Also, River Road Asset Management trimmed its holding in the stock to 335,678 shares from 1.3 million shares. Pamplona Capital Management, led by Alexander Knaster, disclosed in a filing that it holds a 17.7% stake in Mac-Gray Corporation (NYSE:TUC).

Moab Capital Partners, is an event-driven hedge fund. The second largest holding of the fund after  Mac-Gray Corporation (NYSE:TUC) is Macquarie Infrastructure Company LLC (NYSE:MIC), where the fund has invested 10.33% of its equity portfolio, which contains 25.0 million shares 324,788 shares. The fund also holds 1.96 million shares, of Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD). Another company where the fund has a long position is Susser Petroleum Partners LP (NYSE:SUSP), wherein it holds 310,562 shares with a reported value of $12.86 million.

Disclosure: none

Recommended Reading:

Bill & Melinda Gates Foundation Trust Discloses Selling Some Berkshire Hathaway Inc. (BRK.B); Plans To Sell 65 Mln More

SAC Capital Discloses New Stake in Textura Corp (TXTR)

Altimeter Capital Management Further Raises Stake in NQ Mobile Inc (NQ)

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months Click to see monthly returns in table format!

Lists

Top 20 Female Billionaires in 2014

6 Movies That You Should Watch to Better Understand The Cold War

Top 15 Best Paying Jobs for Women in 2014

Top 6 Things Rich People Do Differently Every Day

5 Retirement Mistakes To Avoid (and Einstein’s Famous Quote)

11 Smartest People in the World

6 Films About the Financial World You Need To Watch (While “The Wolf” is Not Around)

Warren Buffett and Billionaires Are Crazy About These 7 Stocks

The Top 10 States With Fastest Internet Speeds

10 Best Places to Visit in USA in August

Top 10 Cities to Visit Before You Die

Top 10 Genetically Modified Food In the US

15 Highest Grossing Movies Opening Weekend

5 Best Poker Books For Beginners

10 Strategies Hedge Funds Use to Make Huge Returns

Top 10 Fast Food Franchises to Buy

10 Best Places to Visit in Canada

Best Summer Jobs for Teachers

10 Youngest Hedge Fund Billionaires

Top 10 One Hit Wonders of the 90s

Fastest Growing Cities In America

Top 10 U.S. Cities for Freelancers

Top 9 Most Popular Free iPhone Apps

Top 10 Least Expensive Private Business Schools in the US

Top 15 Most Expensive Countries in the World – 2014

Top 6 Tax Scams and How to Protect Yourself

Top Businesses to Invest In

Top 5 Things You Might Be Doing Wrong With Your Business

Top 5 Strategic Technology Trends in 2014

Top Rags to Riches Stories

Parenting Behavior That Promotes Future Leaders

Top 5 Mistakes Made by Small Businesses

Top 5 Most Common and Potentially Devastating Financial Blunders

Top 5 Highest Paying Jobs for Web Designers

Top 6 Most Respected Professions that Also Pay Well

Top 5 Pitfalls Investors Should Avoid

Top 6 Lawyers and Policy Makers Under 30

Top 6 New Year’s Resolutions for Entrepreneurs

Top 7 Locations to Check in on Facebook

Top 5 Mistakes made by Rookie eBay Sellers

Top 7 eBook Publishers in 2013

Top 6 Health Industry Trends in 2014

5 Lessons for Entrepreneurs from Seth Godin

Top 5 Success Tips from Jordan Belfort – the Wolf of Wall Street

Best Master’s in Finance Degree Programs

Top 6 Earning Celebrities Over 50

The most expensive sports to play

Top 7 Earning Celebrities Under 25

Best 7 Online Courses to Take: Free Finance MOOCs

Top 6 Bad Habits that Promote Failure

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!