Terms of the acquisition were not disclosed. However, consideration of the purchase included a combination of cash and EVI common stock.
This acquisition expands EVI’s sales and service presence in the southeastern portion of the U.S., which coincides with EVI’s strategy to build density in geographic markets to improve customer service and through which EVI may pursue new growth opportunities, according to the company.
Given EVI’s operating model and to ensure continuity to the company’s customers, employees and vendor partners, Laundry Systems of Tennessee, based in Sevierville, will operate under its existing name and under the direction of Jeff and Tonya Large, president and vice president of the company, respectively.
“We are honored to join the Large family and their team at Laundry Systems of Tennessee,” said Henry M. Nahmad, EVI chairman and CEO. “Jeff and Tonya are successful entrepreneurs with a continued passion and commitment to growth. We are excited to collaborate with them and their team in the pursuit of our mutual long-term growth goals.”
Since November 2016, EVI has acquired 12 businesses and boasts a four-year compounded annual growth rate for revenue of more than 70 percent.
“We remain very active in our pursuit of additional acquisitions of and strategic investments in other great businesses in our industry and in those industries that meet our financial and strategic criteria,” Nahmad explained. “Given our record, reputation and appetite for significant growth, we believe EVI is well-positioned to capitalize on a growing number of opportunities.”