MIAMI — Commercial laundry and drycleaning equipment distributor EVI Industries reports that it will acquire Lakeland, Florida-based Laundry Pro of Florida Inc., a distributor of commercial laundry products and a provider of related installation and maintenance services.
Under terms of the definitive agreement executed by EVI, consideration for the purchase will be paid in cash; the price was not released. The transaction is expected to close once customary closing conditions are satisfied.
Adding Laundry Pro significantly increases EVI’s market share in Florida, EVI reports, and includes an experienced team with longstanding customer relationships and strategically valuable product lines.
It will enhance EVI’s customer value proposition and immediately yield growth and profitability when combined with its Southeast operations, the rapid deployment of its customer-facing technologies, and other benefits of being an EVI company, it adds.
For the 12 months ended May 31, Laundry Pro generated revenues of approximately $12 million, derived from equipment and parts sales and the performance of installation and maintenance services.
Laundry Pro will operate under its existing name and with its current team to provide continuity to customers, employees and vendor partners, as is customary under EVI’s operating model.
“We appreciate the thoughtfulness Ron Jansen and his family undertook throughout this process,” says Henry M. Nahmad, EVI chairman and CEO. “We are pleased to welcome the Laundry Pro team to the EVI family, and we look forward to their valuable contributions over the long term.”
When the deal closes, EVI will have acquired 27 commercial laundry businesses since 2016, making it “the fastest growing … company devoted to the North American commercial laundry distribution and services industry,” EVI asserts.
“The achievement of our long-term goals requires time, patience, and thoughtful execution,” says Nahmad. “Our operating philosophy is a natural fit for entrepreneurs and industry professionals who seek to build their company and careers as part of a broad family with common goals, principles, and values.”
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