A 29-year-old Denver commercial laundry company has been sold.
Martin-Ray Laundry Systems Inc. was purchased by EnviroStar Inc. (NYSE: EVI) of Miami in a cash-and-stock deal valued at $4 million.
Martin-Ray Laundry Systems generated $11.5 million in revenue for in the year prior to March 31, EnviroStar said, adding that Martin-Ray serves more than 1,500 customers in the healthcare, hospitality, commercial, and vended laundry markets.
"Our expected addition of Martin-Ray represents another step towards achieving EVI’s long-term growth strategy to buy-and-build the largest commercial laundry distribution and service company in North America," said Henry Nahmad, EVI’s chairman and CEO, in a statement.
Read more at the Denver Business Journal: http://bit.ly/2sJuSrp
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