EVI Industries, the commercial laundry and drycleaning equipment distributor, announced on 13 May that it has executed a definitive purchase agreement to acquire substantially all the assets and certain liabilities of Commercial Laundry Products, Professional Laundry Systems of PA and Professional Laundry Systems West, collectively known as PLS using a combination of cash and EVI common stock. PLS is a New York-based distributor of commercial and vended laundry products and a provider of related installation and maintenance services.
Alex Harris and Paul Cousins, co-owners of PLS, jointly said: “We are honoured to join the EVI family of commercial laundry businesses. We are excited about the new opportunities available to our employees and we look forward to working with the EVI businesses and our loyal suppliers in the pursuit of long-term growth.”
Given EVI’s recent acquisition of PAC Industries in February of 2019, the addition of PLS is consistent with the company’s stated goal to grow its sales and service operations across the northeast. The acquired companies will operate under the name Professional Laundry Systems, with its current team of over fifteen laundry professionals and with the support and resources provided by EVI.
Henry M. Nahmad, EVI’s chairman and CEO said: “Alex Harris and Paul Cousins built a successful business servicing thousands of commercial laundry customers in the northeast. We welcome them and their team to the EVI family and look forward to working together to build PLS.”
The transaction is expected to close upon the satisfaction of customary closing conditions.