EVI Industries Inc., headquartered in Miami, has executed a definitive purchase agreement to acquire substantially all of the assets and certain liabilities of Commercial Laundry Equipment Company Inc., a distributor of vended and on-premises laundry products based in Richmond, Va.
The acquisition expands EVI’s sales and service presence in the mid-Atlantic region of the United States, which coincides with EVI’s strategy to build distribution and service density in geographic markets through which it may provide additional products and services and improve customer service, according to the company. Consistent with EVI’s operating model, CLE will continue to operate under its existing name, with its current staff and under the leadership of President Tom Brittle.
“CLE is a unique acquisition in that it serves customers in a geography where EVI already has three businesses operating with wide-ranging capabilities and distinct product representations,” said EVI Chairman and CEO Henry M. Nahmad. “CLE’s customers will benefit from our approach to maintaining business continuity and from the enhanced sales and service capabilities we have in the region. We are thrilled to have CLE join the EVI family.”
Terms of the acquisition were not disclosed. However, financial consideration includes a combination of cash and EVI common stock, according to EVI Industries.