MIAMI--(BUSINESS WIRE)--EVI Industries, Inc. (NYSE American: EVI) announced today that it completed its acquisition of Taunton, Massachusetts based Eastern Laundry Systems on January 15, 2021.
Eastern Laundry Systems is a distributor of vended and on-premise laundry products and a provider of related installation and maintenance services. This acquisition is consistent with EVI’s long-term growth strategy, which includes buying quality businesses and building them through the addition of highly qualified sales professionals that together with a broader portfolio of products and enhanced installation and service capabilities, can grow market share and long-term profitability.
Henry M. Nahmad, EVI’s Chairman and CEO, said: “We welcome David Cabral and his team at Eastern Laundry Systems to the EVI Family. This 16th addition to our growing family is yet another valuable step towards building a world-class distribution and service company in the commercial laundry industry.”
EVI’s Buy-and-Build Strategy
EVI Industries, Inc., through its wholly owned subsidiaries, is a distributor that generates revenues by selling, leasing or renting, through its extensive sales organization, commercial, industrial and vended laundry, dry-cleaning, and material handling equipment, steam and hot water boilers, water reuse and filtration systems, chemical supplies and related replacement parts and accessories. Additionally, EVI designs, plans, and installs turn-key laundry, dry cleaning, boiler, and water filtration systems and provides maintenance services through its robust technical service organization.
EVI’s customers include retail, commercial, industrial, institutional, and government customers. Purchases made by customers range from parts and accessories, to single or multiple units of equipment, to large complex systems, as well as installation and maintenance services. EVI believes that the increase in equipment sales provides a strong foundation for EVI to further strengthen its customer relationships, including that they may in the future result in higher gross margin opportunities from the sale of parts, accessories, supplies, and technical services related to the equipment.
