MIAMI — EVI Industries, a distributor of commercial laundry and drycleaning equipment, reports that it has executed a definitive purchase agreement to acquire substantially all the assets and certain liabilities of Richmond, Virginia-based Commercial Laundry Equipment Co.
Terms of the acquisition were not disclosed, but financial consideration includes a combination of cash and EVI common stock, EVI says.
CLE is a distributor of on-premises and vended laundry products and a provider of related installation and maintenance services to the new and replacement markets of the commercial laundry industry.
This acquisition expands EVI’s sales and service presence in the Mid-Atlantic states, coinciding with EVI’s strategy to build distribution and service density in geographic markets through which it may provide additional products and services and improve customer service.
Consistent with EVI’s operating model, CLE will continue to operate under its existing name, with its existing staff, and under the leadership of President Tom Brittle.
CLE has a large customer base that is loyal to the knowledge, experience and capabilities of CLE’s sales and service organization, EVI says.
“CLE is a unique acquisition in that it serves customers in a geography where EVI already has three businesses operating with wide-ranging capabilities and with distinct product representations,” says Henry M. Nahmad, EVI’s chairman and CEO. “CLE’s customers will benefit from our approach to maintaining business continuity and from the enhanced sales and service capabilities we have in the region. We are thrilled to have CLE join the EVI family.”
The transaction is expected to close upon the satisfaction of closing conditions.
Since November 2016, EVI has acquired 13 laundry-related businesses, with the finalization of the Laundry Systems of Tennessee and affiliates deal happening earlier this month.