EVI Industries Inc., headquartered in Miami, has executed a definitive merger agreement to acquire commercial laundry distributor Yankee Equipment Systems Inc., based in Barrington, N.H., for $13.5 million, to be paid in a combination of cash and EVI common stock.
The acquisition will add approximately $31 million in revenue to EVI, distributed over 2,200 vended, on-premises, multi-family and industrial laundry customers, according to EVI.
“Yankee Equipment Systems has a long and magnificent legacy, and we are proud to become part of their family,” said EVI Chairman and CEO Henry M. Nahmad. “Consistent with our operating model, Yankee Equipment Systems will continue to be led by Peter Limoncelli and will operate under its current name, from its present location, and with its existing team to provide its customers, employees and vendor partners business continuity. Their reputation and success, which are built on a tradition of providing exceptional laundry solutions backed by great service, have earned them strong customer relationships that we intend to help them build on.”
This purchase complements other EVI acquisitions completed in 2019, including the purchase of PAC Industries and Professional Laundry Systems. In connection with this growth, Limoncelli will be named president of EVI’s Northeast Operations, which will consist of Yankee Equipment, PAC Industries and PLS, and boast a staff of 120 laundry professionals.
“EVI builds density in markets to improve customer service and to provide vendor partners with growth opportunities,” Nahmad explained. “Yankee Equipment Systems significantly expands our footprint in the Northeast and positions us to continue investing in this highly fragmented region.
“We remain very active and aspire to make additional investments in other great businesses in and complimentary to our industry. Given our record, reputation and appetite for significant growth, EVI is well-positioned to capitalize on a growing number of opportunities.”
Since October 2016, EVI has acquired 14 commercial laundry businesses.
