has executed definitive purchase agreements to acquire substantially all of the assets and certain liabilities of Worldwide Laundry Inc.
, Miami, and Skyline Equipment Inc.
, Houston, using a combination of cash and EVI stock.
Worldwide is a distributor of vended and on-premises 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 of Worldwide will increase the company’s market share in the region and will provide access to key brands of vended and on-premises laundry products to expand the company’s existing product offering.
This will be EVI’s second acquisition of a Florida-based business. With the added leadership, experience and resources of EVI’s primary Florida business unit, Steiner Atlantic, the company expects to pursue domestic and international growth opportunities in the sale, installation and service of vended laundry and OPL products.
“We welcome the Worldwide team to the EVI family, and we look forward to working with them and our valued suppliers in the pursuit of growth in the years ahead,” said EVI Chairman and CEO Henry M. Nahmad.
Skyline is a distributor of OPL and vended laundry products, as well as 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, according to the company.
Nahmad added that his company looks forward to working together with the Skyline team to strengthen its market share in the region.
EVI expects the addition of both companies to be accretive to its fiscal year ended June 30, 2019.