MIAMI — Commercial laundry and drycleaning equipment distributor EVI Industries reports that it has executed a definitive purchase agreement to acquire substantially all the assets and certain liabilities of Commercial Laundry Products Inc., Professional Laundry Systems of PA Inc. and Professional Laundry Systems West Inc. (collectively “PLS”).
PLS is a New York-based distributor of commercial and vended laundry products and a provider of related installation and maintenance services.
EVI will use a combination of cash and EVI common stock to make the acquisition; the purchase price was not announced.
“We are honored to join the EVI family of commercial laundry businesses,” PLS co-owners Alex Harris and Paul Cousins said in a joint statement. “We are excited about the new opportunities available to our employees and we look forward to working with the EVI businesses and our loyal suppliers in the pursuit of long-term growth.”
Given EVI’s acquisition of PAC Industries in February, EVI says the addition of PLS is consistent with its stated goal to grow its sales and service operations across the Northeast.
The acquired companies will operate under the name “Professional Laundry Systems,” with its current team of 15-plus laundry professionals and with the support and resources provided by EVI.
“Alex Harris and Paul Cousins built a successful business servicing thousands of commercial laundry customers in the Northeast. We welcome them and their team to the EVI family and look forward to working together to build PLS,” says EVI Chairman and CEO Henry M. Nahmad.
The transaction is expected to close upon the satisfaction of customary closing conditions.
EVI also owns Washington Automated, Skyline Equipment, Worldwide Laundry, Industrial Laundry Services, Scott Equipment, Aadvantage Laundry Systems, Tri-State Technical Services, Martin-Ray Laundry Systems and Western State Design, all distributor acquisitions made since fall 2016.