EnviroStar, Inc. Completes the Acquisition of Martin-Ray Laundry Systems, Inc.
June 20 2017 - 12:32PM
Business Wire
EnviroStar, Inc. (NYSE MKT:EVI) announced today that it
completed the previously announced acquisition of Martin-Ray
Laundry Systems, Inc. The transaction is expected to be accretive
to EVI’s earnings for its fiscal year ending June 30, 2018.
Founded in 1988 and based in Denver, Colorado, Martin-Ray is a
distributor of commercial, industrial, and vended laundry products
and provider of laundry installation and routine maintenance
services. Consistent with EVI’s operating philosophy, Martin-Ray
will operate as a subsidiary of EVI led by its existing management
team, under its present name, and from its existing locations.
Henry M. Nahmad, EVI’s Chairman and CEO added: “We are pleased
to have successfully completed the acquisition of Martin-Ray. We
believe that our unique entrepreneurial culture and focus on
growth, combined with our access to financial resources, will lead
to additional opportunities to build our business and network
beyond its current scope.”
About EnviroStar
EnviroStar, Inc. is a distributor of commercial laundry
equipment, industrial boilers, and related parts, supplies, and
technical services. Through its subsidiaries, EVI sells its
products to over 7,500 customers across the United States, the
Caribbean, and Latin America, including providing related technical
services through its vast network of service technicians.
Forward-Looking Statements
Except for the historical matters contained herein, statements
in this press release are forward-looking and are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements are subject to a
number of known and unknown risks and uncertainties that may cause
actual results, trends, performance or achievements of EnviroStar,
or industry trends and results, to differ from the future results,
trends, performance or achievements expressed or implied by such
forward-looking statements. These risks and uncertainties include,
among others, that the acquisition of Martin-Ray may not be
accretive to EnviroStar’s earnings or otherwise have a positive
impact on EnviroStar’s operating results or financial condition to
the extent anticipated or at all, integration risks, risks related
to the business, operations and prospects of Martin-Ray and
EnviroStar’s plans with respect thereto, and the risks related to
EnviroStar’s operations, results, financial condition, financial
resources, and growth strategy, including EnviroStar’s ability to
find and complete other acquisition opportunities, and the impact
of any such acquisitions on EnviroStar’s operations, results and
financial condition. Reference is also made to other economic,
competitive, governmental, technological and other risks and
factors discussed in EnviroStar’s filings with the Securities and
Exchange Commission, including, without limitation, those disclosed
in the “Risk Factors” section of EnviroStar’s Annual Report on Form
10-K for the fiscal year ended June 30, 2016 filed with the SEC on
September 20, 2016. Many of these risks and factors are beyond
EnviroStar’s control. In addition, past performance and perceived
trends may not be indicative of future results. EnviroStar cautions
that the foregoing factors are not exclusive. The reader should not
place undue reliance on any forward-looking statement, which speaks
only as of the date made. EnviroStar does not undertake to, and
specifically disclaims any obligation to, update or supplement any
forward-looking statement, whether as a result of changes in
circumstances, new information, subsequent events or otherwise,
except as may be required by law.
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version on businesswire.com: http://www.businesswire.com/news/home/20170620006264/en/
EnviroStar, Inc.Henry M. Nahmad, 305-754-8676orRob Lazar,
305-754-8676
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