Miami-based EVI Industries, Inc. says it has moved to acquire Yankee Equipment Systems in Barrington, a distributor of commercial laundry products and a provider of technical installation and maintenance services.
According to a statement, “This addition to the EVI family reflects EVI’s continued leadership role in the transformation of the North American commercial laundry industry and adds approximately $31 million in revenue that is well distributed over 2,200 industrial, on-premise, vended, and multi-family laundry customers.”
According to Henry M. Nahmad, EVI’s chair and CEO, 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,” said Nahmad.
Limoncelli will also be named the president of EVI’s Northeast Operations, which will consist of the operations of Yankee Equipment Systems, PAC Industries, and Professional Laundry Systems and include a combined 120 commercial laundry professionals serving customers throughout the region.
The consideration to be paid by EVI in connection with this acquisition is $13.5 million, which is consistent with EVI’s historical transactions, and will be paid in both cash and EVI common stock. The transaction is expected to close upon the satisfaction of closing conditions.