EnviroStar to Acquire AAdvantage Laundry Systems for $17 Million

EnviroStar Inc., headquartered in Miami, has executed a definitive asset purchase agreement to acquire substantially all of the assets and certain liabilities of Zuf Acquisitions I LLC, doing business as AAdvantage Laundry Systems and Sky-Rent LP – collectively, “AAdvantage.” Based in Dallas, AAdvantage is a distributor of laundry products and a provider of installation and maintenance services to the new and replacement markets of the commercial and vended laundry industry.The agreement calls for a combined $17 million to be paid evenly in cash and EVI common stock. The transaction is expected to close within the next 60 days, subject to customary due diligence and closing conditions.For the 12 months ended June 30, 2017, AAdvantage generated more than $27 million in revenues from the sale of equipment, parts, supplies, and related installation and maintenance services.For more than 20 years, AAdvantage has been under the ownership and leadership of Mike Zuffinetti, with the addition of Ryan Smith in 2010. Under their joint direction and with the dedication of the company’s 49 employees, AAdvantage is “a strong base from which EVI expects to generate future growth in the southwest and beyond,” according to an EVI.” AAdvantage is an entrepreneurial organization with an unrelenting pursuit for growth and success,” said Mike Zuffinetti, CEO of AAdvantage. “EVI’s entrepreneurial culture, long-term vision, and operating philosophy presented a compelling proposition we believe will accelerate our growth and help us all achieve new levels of success. We are thrilled to be a member of the EVI family and look forward to making valuable contributions in the years ahead.” Consistent with EVI’s operating philosophy, AAdvantage will operate as a subsidiary of EVI from its present locations, under its existing leadership, with all of its employees, and conduct business as it has in the past.” We are completely aligned with EVI’s long-term goals,” added AAdvantage President Ryan Smith. “And we are excited about the new opportunities our employees will have to continue their mission of providing superior products, exceptional services, and competitive pricing to our valued customers in the years ahead.” “Entrepreneurial leadership and success is a common thread of each addition to the EVI family,” said EVI Chairman and CEO Henry M. Nahmad. “With AAdvantage, EVI gains revenues, profits, and an experienced and innovative team from which future growth is possible. The EVI family is bigger and better with Mike, Ryan, and their team at AAdvantage. We all look forward to years of mutual growth and success.”