Mac-Gray shareholder to nominate two for election to board

By Lisa Kerner

Charlotte, N.C.., Feb. 20 - Darlington Partners, LP, an investment partnership managed by Fairview Capital Investment Management, LLC, intends to nominate two independent candidates for election to Mac-Gray Corp.'s board of directors at the company's 2009 annual meeting.

The nominees are Scott W. Clark, 36, vice president, member and portfolio manager with Fairview Capital; and Bruce C. Ginsberg, 50, president, chief executive officer and a director of MooBella LLC, a company that has developed an ice cream dispensing system for foodservice operations.

Mac-Gray's board lacks members with significant experience or expertise in the financial analysis of acquisitions and capital investments, said Fairview, a 6.4% shareholder, in a schedule 13D/A filed with the Securities and Exchange Commission.

"Fairview has been a Mac-Gray shareholder for nearly five years. We believe most of Mac-Gray's financial metrics have shown little improvement during this time, despite more than $300 million spent on acquisitions that management previously estimated would be accretive," said Scott Clark, Fairview portfolio manager.

The company's share price now stands 57% below the closing price on the day of Mac-Gray's IPO in 1997, Clark added.

Mac-Gray is a Waltham, Mass.-based laundry facilities management contractor.

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