EnviroStar Acquires Martin-Ray Laundry Systems

EnviroStar Inc., a distributor of commercial laundry and drycleaning equipment based in Miami, has announced its acquisition of Martin-Ray Laundry Systems Inc., a distributor of vended, commercial and industrial laundry equipment, as well as a provider of laundry installation and routine maintenance services. The transaction is expected to be accretive to EVI’s earnings for its fiscal year ending June 30, 2018.” We are pleased to have successfully completed the acquisition of Martin-Ray,” said EVI Chairman and CEO Henry M. Nahmad. “We believe that our unique entrepreneurial culture and focus on growth, combined with our access to financial resources, will lead to additional opportunities to build our business and network beyond its current scope.” The $4 million purchase price will be split between cash and shares of EnviroStar common stock.Martin-Ray generated about $11.5 million in revenue for the 12 months ending March 31, according to EnviroStar. The Denver-based distributorship represents a number of leading equipment brands, including Speed Queen, Milnor and Chicago Dryer Co.EnviroStar noted that the acquisition will establish the company’s presence in the Mountain States and provide a business unit from which to spark future growth within the region.Martin-Ray serves more than 1,500 customers in the vended, health care, hospitality and commercial laundry markets. Led by Jim Hohnstein, Bill Mann and Timm Mullen, Martin-Ray will operate as a wholly owned subsidiary of EVI under its current name, from its present locations, with its existing employees, according to EnviroStar.