EVI Industries (NYSEMKT:EVI) to acquire substantially all the assets and certain liabilities of Richmond, VA based Commercial Laundry Equipment Company (CLE). Terms of the acquisition were not disclosed.
The acquisition expands EVI’s sales and service presence in the Mid-Atlantic U.S., which coincides with EVI’s strategy.
CLE will continue to operate under its existing name, with its existing people, and under the leadership of Tom Brittle, President of CLE.
The transaction is expected to close upon the satisfaction of closing conditions. Consideration includes a combination of cash and EVI common stock.
Source: M A News on Seeking Alpha