EnviroStar, Inc. has announced that it executed a definitive purchase agreement to acquire substantially all of the assets and to assume certain liabilities of Industrial Laundry Services, Inc., using a combination of cash and EVI stock.
Industrial Laundry Services, based in Orlando, Fla., is a provider of commercial laundry installation and maintenance services to the hospitality, healthcare, institutional and for-profit sectors within the central Florida market.
EVI stated that the addition of ILS is consistent with its strategy to build “the industry’s largest distributor of commercial and vended laundry products, supported by the most advanced service organization that best serves laundry customers across the country.”
ILS will continue to operate under the leadership of Troy and Erin Piper, using the same name, executing with the same staff, and with the support and resources of Steiner-Atlantic Corp., which is an EVI business unit based in Miami.
“By joining EVI, we will have the opportunity to collaborate with Steiner-Atlantic and other EVI business units in the pursuit of opportunities to grow and enhance our service operations across the state of Florida and beyond,” explained Troy Piper, president of Industrial Laundry Services.
“Our growing service operations provide us the opportunity to generate new revenues and profits from the sale and/or lease of equipment, the
delivery and installation of replacement parts, and the execution of long-term comprehensive service agreements,” noted Henry M. Nahmad, EVI’s chairman and chief executive officer. “We welcome Troy and Erin Piper to the EVI family and look forward to fulfilling our growth objectives.”
The transaction is expected to close upon the satisfaction of customary closing conditions. EVI expects the addition of Industrial Laundry Services to be accretive to its fiscal year ended June 30, 2019.
