OSHKOSH, Wis. — Girbau North America, a provider of commercial and industrial laundry solutions, reports that it is being acquired by EVI Industries Inc., a publicly traded company dedicated to the commercial laundry industry across North America.
EVI also announced by press release this morning that it has executed a definitive agreement to acquire GNA, paying consideration of approximately $43 million in cash, subject to customary purchase price adjustments, which will be funded through EVI’s revolving credit facility.
The strategic acquisition “strengthens both companies’ ability to deliver innovative laundry solutions while enhancing service and distribution capabilities nationwide,” GNA’s press release states.
Formerly a subsidiary of Girbau, GNA will conduct business as usual moving forward without changes to leadership, staff, services, support or culture, according to GNA President Mike Floyd.
Its brands include Continental Girbau®, Express Laundry Centers®, Girbau Industrial®, OnePress®, Poseidon Textile Care® and Sports Laundry Systems®.
“We remain dedicated to our customers, and now our resource pool of products, knowledge and services has grown thanks to the many partners of EVI across the United States,” Floyd says. “Simultaneously, we continue to rely on Girbau’s expertise and leadership in manufacturing to deliver best-in-class laundry solutions.”
EVI’s commitment to the laundry industry aligns perfectly with GNA’s mission to provide world-class equipment and services to its customers, he adds: “This partnership enhances our ability to serve the laundry industry with even greater efficiency and innovation through an expanded base of laundry solution tools and programming for all GNA customers.”
GNA becomes EVI Industries’ 30th and largest acquisition in the commercial laundry distribution and service industry.
Simultaneously with the execution of the definitive agreement to acquire GNA, EVI entered into a Commitment Letter with Bank of America, the “Lead Arranger” in the Company’s existing Credit Agreement, and with Wells Fargo, primarily to amend the Credit Agreement to increase the amount of the revolving commitments by $50 million (to $150 million) and to increase accordion feature, which may increase the revolving credit facility, by $10 million (to $50 million), for a total of $200 million.
EVI, which trades on the New York Stock Exchange, will ring the closing bell today to commemorate its 10th anniversary and its achievements of the past decade.
By joining EVI, GNA gains access to a growing network of laundry distributors and service providers, positioning the company for accelerated growth and expanded market reach while maintaining its role as a key partner of Girbau.
“In 2018, we entered a distribution relationship with Girbau, through GNA, that has been pivotal to each companies’ growth,” EVI Industries President and CEO Henry Nahmad says. “Amid our mutual success, we cultivated a relationship with the Girbau family founded on trust and confidence, which provided a solid foundation to enter this transaction and a long-term distribution relationship.”
EVI has rapidly expanded its presence in the laundry industry through strategic acquisitions, integrating distributors and service providers to create a robust, customer-focused network. Adding GNA further strengthens its ability to offer comprehensive laundry solutions across multiple market segments.
“Girbau North America’s strong brand reputation, comprehensive product offerings, dedicated team and customer-centric approach make them an ideal addition to our growing platform,” Nahmad says. “Together, we will continue to set new standards in commercial and industrial laundry solutions while preserving GNA’s strong relationship with Girbau as a key manufacturing partner.”
GNA maintains its long-standing role in representing Girbau-built laundry solutions, just as it has for the past 30 years.
“With EVI’s competitive influence, we anticipate an accelerated pace for bringing new products from Girbau and other business partners to market,” Floyd says.
From Girbau’s perspective, this transition presents an opportunity to continue innovating and growing alongside GNA.
“We are excited to continue our strong collaboration with GNA under this new structure,” says Mercè Girbau, chair and CEO of Girbau, which is headquartered in Spain. “For years, we have worked together to deliver industry-leading solutions, and this next chapter will enable us to drive further innovation and create even greater value for our customers.”
Girbau North America joins these other businesses in the EVI family:
- West — Clean Designs, Martin-Ray Systems, Washington Automated and Western State Design
- Central — AAdvantage Laundry Systems, Ed Brown Distributors, Laundry South Systems & Repair, Scott Equipment and Skyline Equipment
- Midwest — Haiges Machinery and Laundry Systems of Wisconsin
- Northeast — Alco Washer Center, Aldrich Clean-Tech Equipment, Eastern Laundry Systems, Express Parts & Services, PAC Industries, Professional Laundry Systems, Spynr and Yankee Equipment
- Southeast — Commercial Laundry Equipment Co., Consolidated Laundry Equipment, Industrial Laundry Services, K&B Laundry Service, Laundry Pro of Florida, Laundry Systems, O’Dell Equipment, Steiner-Atlantic, TLC Tri-State Laundry Equipment, Wholesale Commercial Laundry Equipment SE and Worldwide Laundry
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