MIAMI — Commercial laundry and drycleaning equipment distributor EVI Industries reports that it has acquired Express Parts and Services (“EXP”), a distributor of commercial laundry products and provider of related technical installation and maintenance services, based in Sykesville, Maryland.
Terms of the acquisition—made by simultaneously executing a definitive asset purchase agreement and closing on the deal—were not released by EVI when announcing the transaction.
Adding EXP to its portfolio increases EVI’s presence and market share in Maryland and will enable it to provide increased customer service throughout the region, the company says.
The commercial laundry business acquisition is EVI’s 24th since fall 2016.
“We believe that each acquisition is integral to achieving our long-term growth goal to build North America’s largest value-added distributor of commercial laundry and related products and the most dynamic network of commercial laundry technicians through which we may best support commercial laundry customers,” says Henry M. Nahmad, EVI chairman and CEO. “We are pleased to welcome Max Usik and the EXP team to the EVI family and look forward to working together in pursuit of our long-term growth goals.”
In a recent financial filing, and prior to acquiring EXP, EVI reported it had grown from one business operating from a single Florida location with 31 employees to 24 businesses employing hundreds of people.
“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,” Nahmad says. “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.”
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