MIAMI — April 26, 2022 — EVI Industries Inc. announced today that it executed a definitive agreement to acquire Lakewood, Colo.-based Clean Designs Inc. and Clean Route LLC — together Clean Designs — a distributor of commercial laundry products and a provider of related technical installation and maintenance services to on-premise, vended, and multifamily laundry customers. The addition of Clean Designs further strengthens EVI’s leading market share position in the West region of the United States. Upon the completion of the Clean Designs acquisition, EVI will have acquired 18 commercial laundry businesses and continues to be the fastest growing and only publicly listed company devoted to the North American commercial laundry distribution and service industry.
With Clean Designs, EVI adds an experienced sales team with established customer relationships and a consistent record of growth, a service team with a longstanding reputation for providing reliable services, and a management team from which the Company may further build its commercial laundry operations in and around the state of Colorado. Looking forward, Clean Designs will offer a broader product range, pursue new growth opportunities, and have access to advanced technologies the Company is deploying to drive future growth, efficiency, and profitability. Consistent with EVI’s operating philosophy, Clean Designs will operate as a subsidiary of EVI under its current name and from its present location, will continue to be led by Tim Stoklosa, and have the full extent of EVI’s resources with which to execute on the Company’s long-term growth strategy.
Henry M. Nahmad, EVI’s chairman and CEO, commented: “Each acquisition is integral to achieving our long-term growth and profitability goals. Our company is especially excited about the benefits we will derive from the addition of Tim Stoklosa and the Clean Designs team. We also look forward to working with our loyal suppliers who welcome the growth opportunities this acquisition represents and to delivering a broader product range and enhanced technical service capabilities to commercial laundry customers across the region.”
EVI’s Buy and Build Philosophy
Key components of EVI’s buy-and-build strategy include:
- Identify and partner with great businesses led by influential leaders,
- Retain the leadership team, honor the company culture and empower them,
- Pursue aggressive growth plans and help the leadership team achieve their goals,
- Create an ownership culture by motivating the team with long-term equity, and
- Collaborate on new and transformative ideas to foster a spirit of growth and innovation.
Nahmad commented: “We believe that the thoughtful execution of our buy-and-build growth strategy has earned us a positive reputation in and around the commercial laundry industry, including among owners of quality businesses. We remain very active in the pursuit of additional investments in other great businesses and given our record, reputation, and appetite for significant growth, EVI is well-positioned to capitalize on a growing number of opportunities.”
The transaction is expected to close upon the satisfaction of customary closing conditions.
Posted: April 26, 2022
Source: EVI Industries, Inc.
