Envirostar Acquires Two Distributors
(October, 2018) EnviroStar Inc. (EVI) of Miami, Florida reports it has executed definitive merger agreements to acquire substantially all the assets and certain liabilities of fellow distributors Worldwide Laundry Inc., also based in Miami, and Skyline Equipment Inc., based in Houston, Texas, using a combination of cash and EVI stock. The purchase prices were not announced.
Worldwide is a distributor of vended and on-premise laundry products and a provider of installation and maintenance services to customers in southeast Florida and select countries in the Caribbean and Latin America. The proposed acquisition will increase EVI’s market share in southeast Florida and will provide access to key brands of vended and on-premise laundry products that expand EVI’s existing product offering.
Skyline is a distributor of on-premise and vended laundry products and a provider of installation and maintenance services to healthcare, hospitality, correctional, institutional, and vended laundry customers in the central and southern regions of Texas. As part of EVI, Skyline will have the opportunity to collaborate with other EVI business units in the region in the pursuit of new growth opportunities. Its addition is consistent with EVI’s goal to build the largest commercial laundry distributor with a comprehensive product offering and a robust service department to best serve customers.
Henry M. Nahmad, EVI’s chairman and CEO, says his company welcomes the two new teams and looks forward to working with them and suppliers in the pursuit of growth. Both transactions are expected to close upon satisfaction of closing conditions, and EVI expects the additions to be accretive to its fiscal year ended June 30, 2019.