MIAMI — EVI Industries Inc., a distributor of commercial, industrial and vended laundry and drycleaning equipment, reports that it has entered into a merger agreement to acquire Yankee Equipment Systems Inc.
Based in Barrington, New Hampshire, Yankee Equipment Systems distributes commercial laundry products and provides related technical installation and maintenance services. The company, which currently has 56 employees, generates approximately $31 million in revenue distributed over 2,200 industrial, on-premise, vended and multi-family laundry customers in the New England region of the United States.
Florida-based EVI is expected to acquire the company for $13.5 million, to be paid out in a combination of cash and EVI common stock.
“Yankee Equipment Systems has a long and magnificent legacy and we are proud to become part of their family,” comments Henry M. Nahmad, EVI’s chairman and CEO. “Consistent with our operating model, Yankee Equipment Systems will continue to be led by Peter Limoncelli and will operate under its current name, from its present location, and with its existing team to provide its customers, employees, and vendor partners business continuity. Their reputation and success, which are built on a tradition of providing exceptional laundry solutions backed by great service, have earned them strong customer relationships that we intend to help them build on.”
Limoncelli will also be named president of EVI’s Northeast Operations, which will consist of Yankee Equipment Systems and two distributors EVI acquired in 2019, PAC Industries and Professional Laundry Systems. The combined workforce will total 120.
Yankee Equipment Systems will be the 14th commercial laundry company acquired by EVI since October 2016. “We remain very active and aspire to make additional investments in other great businesses in and complementary to our industry,” Nahmad says. “Given our record, reputation, and appetite for significant growth, EVI is well-positioned to capitalize on a growing number of opportunities.”