EVI Industries Completes Merger of Yankee Equipment Systems
November 04 2020 - 9:00AM
Business Wire
EVI Industries, Inc. (NYSE American: EVI) announced today that
it completed its merger of Barrington, New Hampshire based Yankee
Equipment Systems, Inc. (“Yankee”), a distributor of commercial
laundry products and a provider of related technical installation
and maintenance services on November 3, 2020.
Henry M. Nahmad, EVI’s Chairman and Chief Executive Officer,
commented: “Yankee Equipment Systems has the most dynamic team of
commercial laundry professionals in the New England market. We
expect to build upon their longstanding success by expanding their
product and service offering and by building distribution and
service density through future acquisitions.”
The acquisition of Yankee represents EVI’s first investment in
the New England region of the United States and its fifteenth
acquisition in the last forty-eight months. Mr. Nahmad added: “We
believe that our track record has earned us the reputation of a
knowledgeable, efficient, and trustworthy acquirer with an
entrepreneurial growth culture that is attractive to business
owners in and around the commercial laundry industry. We intend to
build on that record and continue executing our long-term growth
strategy.”
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, chemical supplies 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
Industries, 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 merger with Yankees
Equipment Systems may not be accretive to EVI Industries earnings
or otherwise have a positive impact on EVI Industries operating
results or financial condition to the extent anticipated or at all,
integration risks, risks related to the business, operations and
prospects of Yankees Equipment Systems’ and EVI Industries’ plans
with respect thereto and the risks related to EVI Industries
operations, results, financial condition, financial resources, and
growth strategy, including EVI Industries ability to find and
complete other acquisition or merger opportunities, and the impact
of any such acquisitions or mergers on EVI Industries operations,
results and financial condition. Reference is also made to other
economic, competitive, governmental, technological and other risks
and factors discussed in EVI Industries filings with the Securities
and Exchange Commission, including, without limitation, those
disclosed in the “Risk Factors” section of EVI Industries Annual
Report on Form 10-K for the fiscal year ended June 30, 2020, filed
with the SEC on September 14, 2020. Many of these risks and factors
are beyond EVI Industries control. In addition, past performance
and perceived trends may not be indicative of future results. EVI
Industries 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 Industries
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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Henry M. Nahmad (305) 402-9300 Sloan Bohlen (203) 428-3210
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