Mac-Gray asks shareholders to re-elect directors on May 8

By Lisa Kerner

Charlotte, N.C., April 3 - Mac-Gray Corp. asked its shareholders to re-elect directors Christopher T. Jenny and company chairman and chief executive officer Stewart G. MacDonald Jr. at the 2009 annual meeting on May 8.

Jenny is senior partner with the Parthenon Group, a management consulting and investment firm.

Shareholders were urged, in a Friday letter from Mac-Gray, to reject the two nominees put forth by a dissident shareholder group affiliated with Fairview Capital Investment Management.

In February, Mac-Gray said its governance and nominating committee considered and rejected the two nominees submitted by Fairview affiliate Darlington Partners, LP: Scott W. Clark, vice president, member and portfolio manager with Fairview Capital, and Bruce C. Ginsberg, president, CEO and a director of MooBella LLC.

Mac-Gray told shareholders that its priorities are to:

• Continue to reduce funded debt;

• Maintain capital expenditures needed to sustain the business, which is estimated at $32 million to $36 million for 2009;

• Increase facilities management operating efficiencies in all markets; and

• Improve the profitability of individual laundry facilities management accounts that come up for contract renewal.

"We firmly believe that adhering to this course of action will lead to the greatest value for shareholders, as the company continues to reap the benefits of our expansion strategy," Mac-Gray said in the letter.

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

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