EnviroStar, Inc. (NYSE American: EVI) announced today that it executed a definitive purchase agreement to acquire substantially all the assets and certain liabilities of Houston, Texas based Skyline Equipment, Inc. using a combination of cash and EVI stock.
Skyline is a distributor of on-premise and vended laundry products and a provider of installation and maintenance services to healthcare, hospitality, correctional, institutional, and vended laundry customers in the central and southern regions of Texas. As part of EVI, Skyline will have the opportunity to collaborate with other EVI business units in the region in the pursuit of new growth opportunities. The addition of Skyline is consistent with EVI’s goal to build the largest commercial laundry distributor with a comprehensive product offering and a robust service department to best serve its customers.
Henry M. Nahmad, EVI’s Chairman and Chief Executive Officer, commented: “We welcome the Skyline team to the EVI Family and we look forward to working together to strengthen our market share in the southcentral region.”
The transaction is expected to close upon the satisfaction of closing conditions. EVI expects the addition of Skyline 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.