MIAMI — Commercial laundry and drycleaning equipment distributor EVI Industries Inc. reports that it has taken steps to acquire Raleigh, North Carolina-based Consolidated Laundry Equipment and Columbia, South Carolina-based Central Equipment Co. (collectively “CLE”). Terms of the deal, subject to certain closing conditions, were not released.
Adding CLE, distributors of commercial laundry products and providers of related technical installation and maintenance services, would strengthen EVI’s market share position in the Southeast, with over $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.
For almost 20 years, CLE has operated under the ownership and management of Billy Kincaid, consistently increasing its revenues, profitability and market share, EVI says. For the 12 months ended Nov. 30, CLE generated revenues of approximately $17 million, derived from the sale of equipment, parts and supplies, and the performance of installation and maintenance services.
CLE will operate as an EVI subsidiary 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.”
EVI continues to buy “high-quality businesses led by accomplished entrepreneurs and management teams with an unrelenting commitment to growth,” according to Henry Nahmad, EVI’s chairman and CEO.
“Billy Kincaid exemplifies the entrepreneurial vision and drive we pursue,” he says. “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.”
Once the transaction is completed, since October 2016, EVI will have acquired 17 commercial laundry businesses, making it the fastest growing and only public company in the North American commercial laundry distribution industry.
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