AccessMyLibrary provides FREE access to millions of articles from top publications available through your library.
Solon Automated Services Inc., a coin-operated laundry equipment service provider, will be sold to an investors group, according to a document filed with the Securities and Exchange Commission.
The Philadelphia-based company, which provides multihousing laundry services to apartment buildings in 18 states, was spun off by ARA Services Inc. in 1987 and sold to an investor group that included Solon management, a wholly owned subsidiary of the ARA Group Inc. and Goldman, Sachs & Co.
Now ARA wants to sell its 43.9 percent stake in Solon. According to the stockholders' agreement signed in 1987, the company's other shareholders have the right of first refusal for 30 days …