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EnviroStar Closes Acquisition of Industrial Laundry Services in Florida, USA
Friday 14 September 2018

14 September 2018 - US-based vended laundry products and industrial boiler distributor EnviroStar, Inc. (NYSE American: EVI) has closed the acquisition of substantially all the assets and assume certain liabilities of Florida, US-based Industrial Laundry Services, Inc. using a combination of cash and EVI stock, the company said

Industrial Laundry Services is a provider of commercial laundry installation and maintenance services to customers in the hospitality, healthcare, institutional, and for-profit sectors in central Florida.

The addition of ILS is consistent with EVI's growth strategy to build the industry's largest distributor of commercial and vended laundry products, supported by the most advanced service organisation that best serves laundry customers across the country.

ILS will continue to operate as it has historically, under a leadership of Troy and Erin Piper, using the same name, executing with the same people, and with the support and resources of Steiner Atlantic Corp., an EVI business unit based in Miami, FL.

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.

EnviroStar is a distributor of commercial, industrial, and vended laundry products and industrial boilers, including related parts and supplies.

Through its subsidiaries, EVI sells its products and provides installation and maintenance services to thousands of customers across the United States, the Caribbean, and Latin America.

EVI seeks to grow its North American market share through the execution of its buy-and-build strategy.

In that pursuit, EVI intends to focus on buying market-leading laundry and commercial cleaning products businesses, and building them through the implementation of a growth culture that focuses on adding new locations, offering a more expansive.
Details
Date Published: 14/09/2018
Target: Industrial Laundry Services
Country: USA
Sector: Business and Consumer Services
Type: Corporate acquisition
Financing: Cash and Stock
Status: Closed
Vendor:
Buyer: EnviroStar, Inc
Comment:
Terms of the deal were not disclosed

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