MIAMI — Commercial laundry and drycleaning equipment distributor EVI Industries has completed its mergers with Raleigh, North Carolina-based Consolidated Laundry Equipment and Columbia, South Carolina-based Central Equipment Co. (collectively “CLE”). Terms of the deal weren’t released.
EVI also announced its financial results for the three and six months ended Dec. 31. The company’s operating results in revenue ($124 million), gross profit ($34 million), gross margin (27.7%), net income ($2.5 million) and adjusted EBITDA ($7.4 million) were all records in comparison to the six-month period ended Dec. 31, 2020.
“We believe that these achievements are a function of the exceptional reputation our company has earned with owners of high-quality businesses, our disciplined financial management, our thoughtful and deliberate operational execution, and the entrepreneurial culture which we maintain and promotes a collaborative environment yielding best practices and promising opportunities,” says Henry M. Nahmad, EVI chairman and CEO.
He calls the acquisition of CLE and its affiliates “unique” in that it serves customers in a geography where EVI already has four businesses operating with wide-ranging capabilities and distinct product representations.
“However, the company believes that the addition of Consolidated will strengthen its leading market share position in the Southeast region of the United States with over $90 million in revenue derived from industrial, on-premise, vended and multi-family laundry customers,” Nahmad says.
CLE also has a “significant customer base” and a “robust operation” that, when synchronized with EVI’s existing businesses in the area, will result in the “largest and most dynamic commercial laundry operation in the region,” he adds.
CLE’s addition represents EVI’s eighth investment in the Southeast and its 17th acquisition overall since the inception of its buy-and-build growth strategy several years ago.
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