MIAMI — Commercial laundry and drycleaning equipment distributor EVI Industries Inc. reports it has executed a definitive merger agreement to acquire Barrington, New Hampshire-based Yankee Equipment Systems Inc. at a cost of $13.5 million, to be paid in a combination of cash and EVI common stock.
The transaction is expected to close upon satisfaction of closing conditions.
Yankee is a distributor of commercial laundry products and provider of related technical installation and maintenance services. Peter Limoncelli—who EVI describes as a “young, well-respected, and dynamic leader and entrepreneur”—and a team of 56 laundry professionals have consistently increased Yankee’s revenue, profitability and market share in the New England region of the Northeast, EVI says.
Yankee will add approximately $31 million in revenue distributed over 2,200 industrial, on-premise, vended and multi-family laundry customers.
“Yankee Equipment Systems has a long and magnificent legacy and we are proud to become part of their family,” says Henry M. Nahmad, EVI chairman and CEO. “Consistent with our operating model, Yankee Equipment Systems will continue to be led by Peter Limoncelli and will operate under its current name, from its present location, and with its existing team to provide its customers, employees, and vendor partners business continuity. Their reputation and success … have earned them strong customer relationships that we intend to help them build on.”
Limoncelli will be named president of EVI’s Northeast Operations, which will consist of Yankee Equipment Systems and two distributors EVI acquired in 2019, PAC Industries and Professional Laundry Systems. The combined workforce will total 120.
“EVI builds density in markets to improve customer service and to provide vendor partners with growth opportunities,” Nahmad says. “Yankee Equipment Systems significantly expands our footprint in the Northeast and positions us to continue investing in this highly fragmented region.”
Since October 2016, fast-growing EVI has acquired 14 commercial laundry businesses.