MIAMI — EnviroStar Inc. (EVI), a distributor of commercial laundry and drycleaning equipment, has executed a definitive purchase agreement to acquire substantially all the assets and assume certain liabilities of Orlando-based Industrial Laundry Services Inc. (ILS) using a combination of cash and EVI stock. The purchase price was not announced.
ILS provides commercial laundry installation and maintenance services to customers in the hospitality, healthcare, institutional and for-profit sectors in central Florida.
EVI says the addition of ILS is consistent with its growth strategy to build the industry’s largest distributor of commercial and vended laundry products, supported by the most advanced service organization that best serves laundry customers across the country.
ILS will continue to operate as it has historically, under the leadership of Troy and Erin Piper, using the same name, executing with the same people, and with the support and resources of Steiner-Atlantic Corp., an EVI business unit based in Miami.
“By joining EVI, we will have the opportunity to collaborate with Steiner-Atlantic and other EVI business units in the pursuit of opportunities to grow and enhance our service operations across the state of Florida and beyond,” says Troy Piper, president of Industrial Laundry Services.
“Our growing service operations provide us the opportunity to generate new revenues and profits from the sale and/or lease of equipment, the delivery and installation of replacement parts, and the execution of long-term comprehensive service agreements,” says Henry M. Nahmad, EVI chairman and CEO. “We welcome Troy and Erin Piper to the EVI family and look forward to fulfilling our growth objectives.”
The transaction is expected to close upon satisfaction of customary closing conditions, and EVI expects the ILS addition to be accretive to its fiscal year ended June 30, 2019.