MIAMI — EVI Industries Inc., a commercial laundry and drycleaning equipment distributor based here, reports that it executed a definitive agreement to acquire Raleigh, North Carolina-based Consolidated Laundry Equipment and Columbia, South Carolina-based Central Equipment Company (collectively "CLE"), distributors of commercial laundry products and providers of related technical installation and maintenance services.
EVI says the addition of CLE strengthens the company’s market share position in the Southeast region of the United States with more than $90 million in revenue derived from offering a wide and growing selection of commercial laundry products and technical service capabilities to thousands of industrial, on-premises, vended and multi-family laundry customers.
“EVI continues to buy high-quality businesses led by accomplished entrepreneurs and management teams with an unrelenting commitment to growth,” says Henry M. Nahmad, EVI’s chairman and CEO.
“Our operating philosophy is a natural fit for entrepreneurs and management teams who also seek to continue building their company as part of a broad family of successful businesses with the common goal of creating a North American commercial laundry enterprise.
“Billy Kincaid exemplifies the entrepreneurial vision and drive we pursue. Consequently, we are thrilled to welcome Billy and the CLE team to the EVI family, and we look forward to their valuable contributions over the long-term.”
For almost 20 years, CLE has operated under the continuous ownership and management of Kincaid. Under his direction, EVI says CLE has consistently increased its revenues, profitability and market share, resulting in recognition as a leading distributor and service provider of commercial laundry products in the Southeast.
In addition to an experienced sales team with a record of consistent sales growth, CLE boasts a robust and talented service organization that is the cornerstone of longstanding customer relationships, adds EVI. For the 12 months ended Nov. 30, CLE generated revenues of approximately $17 million, which were derived from the sale of equipment, parts, and supplies, and the performance of installation and maintenance services.
Consistent with EVI’s operating philosophy, CLE will operate as a subsidiary of EVI under its current name and from its present locations and will continue to be led by Kincaid and CLE’s existing employees.
“EVI’s growth record and operational execution in the commercial laundry industry is unparalleled,” Kincaid says. “EVI also represents a number of attractive long-term growth opportunities for CLE, our employees and our customers.
“We are excited to join the growing number of successful commercial laundry businesses that form the EVI family.”
Upon the completion of this transaction, since October of 2016, EVI will have acquired 17 commercial laundry businesses and continues to be the fastest-growing and only public company in the North American commercial laundry distribution industry.
The acquisition of CLE is subject to certain closing conditions.
EVI Industries to Acquire Eastern Laundry Systems, Dec. 28, 2020