EVI Industries Completes the Acquisition of Professional Laundry Systems and Affiliates
August 06 2019 - 9:00AM
Business Wire
EVI Industries, Inc. (NYSE American: EVI) announced today that
it completed the acquisition of New York-based Commercial Laundry
Products, Inc., Professional Laundry Systems of PA, Inc., and
Professional Laundry Systems West, Inc. (collectively “PLS”). PLS
is EVI’s second acquisition in the northeast where the Company
expects to continue executing its buy and build growth strategy. As
a member of the EVI family, PLS will immediately begin to
collaborate with existing EVI businesses on growth and efficiency
opportunities across its territories.
PLS is a distributor of vended and on-premise laundry products
and a provider of installation and maintenance services to
customers in select areas across the states of New York, New
Jersey, Pennsylvania, Delaware, and Connecticut.
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, 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.
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 EVI, 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 PLS may not be accretive to
EVI’s earnings or otherwise have a positive impact on EVI’s
operating results or financial condition to the extent anticipated
or at all, integration risks, risks related to the business,
operations and prospects of PLS’ and EVI’s plans with respect
thereto, and the risks related to EVI’s operations, results,
financial condition, financial resources, and growth strategy,
including EVI’s ability to find and complete other acquisition
opportunities, and the impact of any such acquisitions on EVI’s
operations, results and financial condition. Reference is also made
to other economic, competitive, governmental, technological and
other risks and factors discussed in EVI’s filings with the
Securities and Exchange Commission, including, without limitation,
those disclosed in the “Risk Factors” section of EVI’s Annual
Report on Form 10-K for the fiscal year ended June 30, 2018 filed
with the SEC on September 13, 2018. Many of these risks and factors
are beyond EVI’s control. In addition, past performance and
perceived trends may not be indicative of future results. EVI
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. EVI 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190806005238/en/
Henry M. Nahmad (305) 402-9300 Michael Steiner (305)
402-9300
EVI Industries (AMEX:EVI)
Historical Stock Chart
From Aug 2024 to Sep 2024
EVI Industries (AMEX:EVI)
Historical Stock Chart
From Sep 2023 to Sep 2024