EVI Industries, Inc., headquartered in Miami, has announced that it has executed a definitive agreement to acquire commercial laundry distributors Consolidated Laundry Equipment, Raleigh, N.C., and Central Equipment Co., Columbia, S.C.
The addition of the companies – referred to collectively as CLE – strengthens EVI’s market share position in the Southeast with more than $90 million in revenue from offering a growing selection of commercial laundry products and services to thousands of vended, multi-family, on-premises and industrial laundry customers, according to EVI.
For nearly 20 years, CLE has operated under the ownership and management of Billy Kincaid. Under his direction, CLE has consistently increased revenues, profitability and market share. For the 12 months ended November 30, CLE generated revenues of approximately $17 million, which were derived from the sale of equipment, parts and supplies, as well as the performance of installation and maintenance services.
“EVI’s growth record and operational execution in the commercial laundry industry is unparalleled,” Kincaid said. “EVI also represents a number of attractive, long-term growth opportunities for CLE, our employees and our customers. We are excited to join the growing number of successful commercial laundry businesses that form the EVI family.”
Consistent with EVI’s philosophy, CLE will operate as a subsidiary of EVI under its current name and from its present locations – and will continue to be led by Kincaid and CLE’s existing employees.
“EVI continues to buy high-quality businesses led by accomplished entrepreneurs and management teams with an unrelenting commitment to growth,” explained EVI Chairman and CEO Henry M. Nahmad. “Our operating philosophy is a natural fit for entrepreneurs and management teams who also seek to continue building their companies as part of a broad family of successful businesses with the common goal of creating a North American commercial laundry enterprise. Billy Kincaid exemplifies the entrepreneurial vision and drive we pursue. Consequently, we are thrilled to welcome Billy and the CLE team to the EVI family, and we look forward to their valuable contributions over the long term.
“We remain very active in the pursuit of additional investments in other great businesses in and complementary to our industry,” he continued. “Given our record, reputation and appetite for significant growth, EVI is well-positioned to capitalize on a growing number of opportunities.”
Upon the completion of this transaction, EVI will have acquired 17 commercial laundry businesses since October 2016.
