Caledonia Investments, a self-managed investment trust, completed the acquisition of a 98.8% stake in AIR-serv, a designer and manufacturer of air, vacuum and jet wash machines, for $177m. "We are proud to have become the new owners of AIR-serv Europe and to partner with Clive Steel and his team in the next stage of the company's development. The strength and consistency of AIR-serv Europe's profitability, cash generation and market position are an ideal fit with our Private Capital investment strategy. We believe there are exciting opportunities to build further on the Business' excellent record and to expand its European presence," Tom Leader, Caledonia Head of Private Capital.