MIAMI — EVI Industries Inc. reports it has executed a definitive agreement to acquire New Castle, Pennsylvania-based ALVF Inc. dba ALCO Washer Center, a distributor of commercial laundry products and a provider of related technical installation and maintenance services to the on-premises and vended laundry segments of the commercial laundry industry.
Terms of the pending deal were not disclosed.
Upon closing, ALCO will join EVI’s Northeast Group, increasing its customer base and expanding its distribution and service footprint in the Northeast region of the United States.
Consistent with EVI’s operating philosophy, the companys says ALCO will continue to operate under its current name and from its present location and have the full extent of EVI’s resources with which to execute various growth opportunities in its region.
The successful completion of the ALCO acquisition will represent EVI’s 25th acquisition of a successful family-owned commercial laundry business.
As a result of its successful acquisition program and various organic growth initiatives, EVI says it continues to be the fastest-growing and only listed company devoted to the North American commercial laundry distribution and service industry.
“We believe that the thoughtful execution of our buy-and-build growth strategy has earned us a positive reputation in and around the commercial laundry industry, including among owners of quality businesses,” says Henry M. Nahmad, chairman, president and CEO of EVI.
“We remain very active in the pursuit of additional investments in other great businesses and given our record, reputation, and appetite for significant growth, EVI is well-positioned to capitalize on a growing number of opportunities.”
The transaction is expected to close upon the satisfaction of customary closing conditions.
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