MIAMI — Commercial laundry and drycleaning equipment distributor EVI Industries Inc. reports it is in the process of acquiring New Castle, Pennsylvania-based ALVF Inc., doing business as ALCO Washer Center, a distributor of commercial laundry products and a provider of related technical installation and maintenance services to vended and on-premise laundry customers.
EVI has executed a definitive agreement to acquire ALCO, but terms of the pending deal were not announced.
Through ALCO, EVI says it will increase its customer base and expand its distribution and service footprint in the U.S. Northeast.
Upon closing, ALCO will join EVI’s Northeast Group. Consistent with EVI’s operating philosophy, ALCO will continue to operate under its current name and from its present location, and have the full extent of EVI’s resources with which to execute on various growth opportunities in its region.
Once completed, it will mark EVI’s 25th acquisition of a successful, family-owned commercial laundry business, EVI adds.
As a result of its acquisition program and various organic growth initiatives, EVI considers itself to be the fastest growing and only listed company devoted to the North American commercial laundry distribution and service industry.
“We believe that the thoughtful execution of our buy-and-build growth strategy has earned us a positive reputation in and around the commercial laundry industry, including among owners of quality businesses,” says Henry M. Nahmad, EVI chairman and CEO. “We remain very active in the pursuit of additional investments in other great businesses, and given our record, reputation and appetite for significant growth, EVI is well-positioned to capitalize on a growing number of opportunities.”
The ALCO transaction is expected to close upon the satisfaction of customary closing conditions.
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