EVI Industries, Inc. a commercial laundry equipment distributer announced an agreement to acquire Raleigh, NC based Consolidated Laundry Equipment (CLE) and Columbia, SC based Central Equipment Company, distributors of commercial laundry products and providers of related technical installation and maintenance services, according to a news release.
The addition of CLE strengthens EVI’s market share position in the southeast region of the United States with over $90 million in revenue derived from offering a wide and growing selection of commercial laundry products and technical service capabilities to thousands of industrial, on-premise, vended, and multi-family laundry customers.
For almost 20 years, CLE has operated under the continuous ownership and management of Billy Kincaid. Under his direction, CLE has consistently increased its revenues, profitability, and market share, resulting in recognition as a leading distributor and service provider of commercial laundry products in the southeast.
“EVI’s growth record and operational execution in the commercial laundry industry is unparalleled,” says Kincaid, CLE president. “EVI also represents a number of attractive long-term growth opportunities for CLE, our employees, and our customers. We are excited to join the growing number of successful commercial laundry businesses that form the EVI Family.”
Consistent with EVI’s operating philosophy, CLE will operate as a subsidiary of EVI under its current name and from its present locations and will continue to be led by Kincaid and CLE’s existing employees.
“EVI continues to buy high-quality businesses led by accomplished entrepreneurs and management teams with an unrelenting commitment to growth,” says Henry M. Nahmad, EVI Chairman and Chief Executive Officer. “Our operating philosophy is a natural fit for entrepreneurs and management teams who also seek to continue building their company as part of a broad family of successful businesses with the common goal of creating a North American commercial laundry enterprise.