MIAMI — Commercial laundry and drycleaning distributor EVI Industries is seeking to expand its reach further, executing a definitive agreement to acquire Aldrich Clean-Tech Equipment Corp., a Massachusetts-based distributor of commercial laundry products and a provider of related installation and maintenance services to commercial laundry customers.
Once the transaction closes as expected in mid-September, the acquisition will expand EVI’s sales and service presence by adding eight highly trained and specialized commercial laundry technicians and support staff that will enhance its capabilities to serve a growing customer base across the Northeast.
Terms of the transaction were not announced.
EVI says the addition of Aldrich is consistent with its long-term growth strategy “to build North America’s largest value-added distributor of commercial laundry products and the most dynamic network of specialized commercial laundry technicians through which it may best support commercial laundry customers.”
EVI’s acquisition of K&B Laundry Service is also pending a successful close. Once both are completed, EVI will have acquired 22 commercial laundry businesses since fall 2016. The company says it’s the fastest growing and only publicly listed company devoted to the North American commercial laundry distribution and service industry.
“The addition of Aldrich reaffirms our commitment to build distribution and service density in geographic markets through which we may provide additional products and services and improve customer service,” says EVI Chairman and CEO Henry M. Nahmad. “The Aldrich team, led by Bob and Kim Aldrich, strengthens our customer value proposition. We are pleased to welcome them to the EVI family and look forward to working together in the pursuit of our long-term goals.”
Meanwhile, the growing distributor remains active in its “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,” Nahmad adds.
Have a question or comment? E-mail our editor Bruce Beggs at [email protected].