, headquartered in Miami, recently announced that it has executed a definitive purchase agreement to acquire substantially all of the assets and certain liabilities of Houston-based Scott Equipment, Inc.
for $13 million – half of which will be paid in cash and the other half in EVI common stock.
The addition of Scott Equipment to EVI’s existing Dallas operations is expected to result in more than $50 million of revenues derived primarily in the state of Texas by 19 sales professionals, supported by 32 service professionals, and serving more than 3,000 on-premises laundry and vended laundry customers.
Scott Equipment is one of Houston’s leading distributors of OPL and vended laundry products and providers of related installation and maintenance services, which has been under the continuous ownership of John and Scott Martin since the company’s inception.
“Joining EVI will provide us opportunities to offer more products and services to our OPL and vended laundry customers, and facilitate growth opportunities in the large commercial and institutional laundry segments across the state of Texas and southern Louisiana,” said Scott Martin, president of Scott Equipment. “Ultimately, EVI represented the industry’s best solution for long-term growth of our business and new opportunities for our valued employees.”
Consistent with EVI’s operating philosophy, Scott Equipment will operate as a subsidiary of EVI from its present locations – under its existing leadership and with all of its employees – and will conduct business as it has in the past.
“John Martin, Scott Martin, and the Scott Equipment team built a successful laundry distribution and service business by creating deep personal relationships with their customers and delivering them high-quality laundry solutions time and again,” said Henry M. Nahmad, EVI chairman and chief executive officer. “We welcome Scott Martin and his distinguished team of employees 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.”