MIAMI — EVI Industries Inc., a commercial laundry and drycleaning equipment distributor based here, reports that it completed its merger of Barrington, New Hampshire-based Yankee Equipment Systems Inc. on Nov. 3.
Yankee is a distributor of commercial laundry products and provider of related technical installation and maintenance services.
Peter Limoncelli—who EVI describes as a “young, well-respected, and dynamic leader and entrepreneur”—and a team of 56 laundry professionals have consistently increased Yankee’s revenue, profitability and market share in the New England region of the Northeast, EVI says.
Yankee will add approximately $31 million in revenue distributed over 2,200 industrial, on-premises, vended and multi-family laundry customers.
“Yankee Equipment Systems has the most dynamic team of commercial laundry professionals in the New England market,” says Henry M. Nahmad, EVI’s chairman and CEO. “We expect to build upon their longstanding success by expanding their product and service offering and by building distribution and service density through future acquisitions.”
Limoncelli will be named president of EVI’s Northeast Operations, which will consist of Yankee Equipment Systems and two distributors EVI acquired in 2019, PAC Industries and Professional Laundry Systems. The combined workforce will total 120.
The acquisition of Yankee represents EVI’s first investment in the New England region of the United States and its 15th acquisition in the last 48 months.
“We believe that our track record has earned us the reputation of a knowledgeable, efficient, and trustworthy acquirer with an entrepreneurial growth culture that is attractive to business owners in and around the commercial laundry industry,” Nahmad says. “We intend to build on that record and continue executing our long-term growth strategy.”
EVI Industries to Acquire Commercial Laundry Equipment Co., Feb. 26, 2020
EVI to Acquire Laundry Systems of Tennessee, Affiliates, Jan. 15, 2020