EnviroStar, Inc. to Acquire Industrial Laundry Services, Inc.
EnviroStar, Inc. (NYSE American: EVI) announced today that it executed a definitive purchase agreement to acquire substantially all the assets and assume certain liabilities of Orlando, Florida based Industrial Laundry Services, Inc. (ILS) using a combination of cash and EVI stock.
Industrial Laundry Services is a premier provider of commercial laundry installation and maintenance services to customers in the hospitality, healthcare, institutional, and for-profit sectors in central Florida. The addition of ILS is consistent with EVI’s growth strategy to build the industry’s largest distributor of commercial and vended laundry products, supported by the most advanced service organization that best serves laundry customers across the country.
ILS will continue to operate as it has historically, under the leadership of Troy and Erin Piper, using the same name, executing with the same people, and with the support and resources of Steiner Atlantic Corp., an EVI business unit based in Miami, FL. Troy Piper, President of Industrial Laundry Services said: “By joining EVI, we will have the opportunity to collaborate with Steiner Atlantic and other EVI business units in the pursuit of opportunities to grow and enhance our service operations across the state of Florida and beyond.”
Henry M. Nahmad, EVI’s Chairman and Chief Executive Officer, commented: “Our growing service operations provide us the opportunity to generate new revenues and profits from the sale and or lease of equipment, the delivery and installation of replacement parts, and the execution of long-term comprehensive service agreements. We welcome Troy and Erin Piper to the EVI Family and look forward to fulfilling our growth objectives.”
The transaction is expected to close upon the satisfaction of customary closing conditions. EVI expects the addition of Industrial Laundry Services to be accretive to its fiscal year ended June 30, 2019.
EnviroStar, Inc. is a distributor of commercial, industrial, and vended laundry products and industrial boilers, including related parts and supplies. Through its subsidiaries, EVI sells its products and provides installation and maintenance services to thousands of customers across the United States, the Caribbean, and Latin America. EVI seeks to grow its North American market share through the execution of its buy-and-build strategy. In that pursuit, EVI intends to focus on buying market-leading laundry and commercial cleaning products businesses, and building them through the implementation of a growth culture that focuses on adding new locations, offering a more expansive and complimentary product line, and delivering a vast array of technical services.