EnviroStar, Inc. (NYSE American: EVI) announced today that it executed a definitive purchase agreement to acquire substantially all the assets and certain liabilities of Miami, Florida based Worldwide Laundry, Inc. using a combination of cash and EVI stock.
Worldwide is a distributor of vended and on-premise laundry products and a provider of installation and maintenance services to customers in southeast Florida and select countries in the Caribbean and Latin America. The proposed acquisition of Worldwide will increase the Company’s market share in southeast Florida and will provide access to key brands of vended and on-premise laundry products that expands the Company’s existing product offering.
This will be EVI’s second acquisition of a Florida-based business, which will further increase the Company’s leading market share position in Florida. With the added leadership, experience, and resources of EVI’s primary Florida business unit, Steiner Atlantic, the Company expects to pursue domestic and international growth opportunities in the sale, installation, and service of vended and on-premise laundry products. Henry M. Nahmad, EVI’s Chairman and Chief Executive Officer, commented: “We welcome the Worldwide team to the EVI Family and we look forward to working with them and our valued suppliers in the pursuit of growth in the years ahead.”
The transaction is expected to close upon the satisfaction of closing conditions. EVI expects the addition of Worldwide to be accretive to its fiscal year ended June 30, 2019.
EnviroStar, Inc., through its wholly-owned subsidiaries, is a distributor that sells, leases, and rents commercial, industrial, and vended laundry and dry cleaning equipment and steam and hot water boilers manufactured by others, supplies related replacement parts and accessories, designs and plans turn-key laundry, dry cleaning, and boiler systems, and provides installation and maintenance services to thousands of customers, which include commercial, industrial, institutional, government, and retail customers. These activities are conducted in the United States, Canada, the Caribbean and Latin America.