EVI Industries Merge with Yankee Equipment Systems


MIAMI--(BUSINESS WIRE)--EVI Industries, Inc. (NYSE American: EVI) announced today that it completed its merger of Barrington, New Hampshire based Yankee Equipment Systems, Inc., a distributor of commercial laundry products and a provider of related technical installation and maintenance services on November 3, 2020.

Henry M. Nahmad, EVI’s Chairman and Chief Executive Officer, commented: “Yankee Equipment Systems has the most dynamic team of commercial laundry professionals in the New England market. We expect to build upon their longstanding success by expanding their product and service offering and by building distribution and service density through future acquisitions.”

The acquisition of Yankee represents EVI’s first investment in the New England region of the United States and its fifteenth acquisition in the last forty-eight months. Mr. Nahmad added: “We believe that our track record has earned us the reputation of a knowledgeable, efficient, and trustworthy acquirer with an entrepreneurial growth culture that is attractive to business owners in and around the commercial laundry industry. We intend to build on that record and continue executing our long-term growth strategy.”

About EVI Industries

EVI Industries, Inc., through its wholly-owned subsidiaries, is a distributor that generates revenues by selling, leasing or renting, through its extensive sales organization, commercial, industrial and vended laundry, dry-cleaning, and material handling equipment, steam and hot water boilers, water reuse and filtration systems, chemical supplies and related replacement parts and accessories. Additionally, EVI designs, plans, and installs turn-key laundry, dry cleaning, boiler, and water filtration systems and provides maintenance services through its robust technical service organization.

EVI’s customers include retail, commercial, industrial, institutional, and government customers. Purchases made by customers range from parts and accessories, to single or multiple units of equipment, to large complex systems, as well as installation and maintenance services. EVI believes that the increase in equipment sales provides a strong foundation for EVI to further strengthen its customer relationships, including that they may in the future result in higher gross margin opportunities from the sale of parts, accessories, supplies, and technical services related to the equipment.

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