MIAMI — Commercial laundry and drycleaning equipment distributor EVI Industries reports that it has executed a definitive purchase agreement to acquire all of the outstanding shares of Sevierville, Tennessee-based Laundry Systems of Tennessee and affiliates.
Laundry Systems of Tennessee is a distributor of commercial, industrial and vended laundry products and a provider of related installation and maintenance services to the new and replacement markets of the commercial laundry industry. The company also leases commercial laundry equipment and sells chemicals and other laundry consumables.
Terms of the acquisition were not disclosed, but the purchase includes a combination of cash and EVI common stock.
The acquisition expands EVI’s sales and service presence in the Southeast, which coincides with its strategy to build density in geographic markets to improve customer service and through which it may pursue new growth opportunities.
Laundry Systems of Tennessee will operate under its existing name and remain under the direction of President Jeff Large and Vice President Tonja Large.
“We are honored to join the Large family and their team at Laundry Systems of Tennessee,” says Henry M. Nahmad, EVI chairman and CEO. “Jeff and Tonya are successful entrepreneurs with a continued passion and commitment to growth. We are excited to collaborate with them and their team in the pursuit of our mutual long-term growth goals.”
The transaction is expected to close upon satisfaction of closing conditions.
Since November 2016, EVI has acquired 12 businesses. It considers itself “the fastest growing company in the commercial laundry industry,” with a four-year compounded annual growth rate for revenue of over 70%.
“We remain very active in our pursuit of additional acquisitions of and strategic investments in other great businesses in our industry and in those industries that meet our financial and strategic criteria,” Nahmad says. “Given our record, reputation, and appetite for significant growth, we believe EVI is well-positioned to capitalize on a growing number of opportunities.