EnviroStar, Inc. to Acquire Skyline Equipment, Inc.
October 03 2018 - 9:00AM
Business Wire
EnviroStar, Inc. (NYSE American: EVI) announced today that it
executed a definitive purchase agreement to acquire substantially
all the assets and certain liabilities of Houston, Texas based
Skyline Equipment, Inc. using a combination of cash and EVI
stock.
Skyline is a distributor of on-premise and vended laundry
products and a provider of installation and maintenance services to
healthcare, hospitality, correctional, institutional, and vended
laundry customers in the central and southern regions of Texas. As
part of EVI, Skyline will have the opportunity to collaborate with
other EVI business units in the region in the pursuit of new growth
opportunities. The addition of Skyline is consistent with EVI’s
goal to build the largest commercial laundry distributor with a
comprehensive product offering and a robust service department to
best serve its customers.
Henry M. Nahmad, EVI’s Chairman and Chief Executive Officer,
commented: “We welcome the Skyline team to the EVI Family and we
look forward to working together to strengthen our market share in
the southcentral region.”
The transaction is expected to close upon the satisfaction of
closing conditions. EVI expects the addition of Skyline to be
accretive to its fiscal year ended June 30, 2019.
About EnviroStar
EnviroStar, Inc., through its wholly-owned subsidiaries, is a
distributor that sells, leases, and rents commercial, industrial,
and vended laundry and dry cleaning equipment and steam and hot
water boilers manufactured by others, supplies related replacement
parts and accessories, designs and plans turn-key laundry, dry
cleaning, and boiler systems, and provides installation and
maintenance services to thousands of customers, which include
commercial, industrial, institutional, government, and retail
customers. These activities are conducted in the United States,
Canada, the Caribbean and Latin America.
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 proposed acquisition of Skyline 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 Skyline and
EnviroStar’s plans with respect thereto, the risk that the
conditions to closing the proposed acquisition may not be satisfied
and that the proposed acquisition may not otherwise be consummated
when expected, in accordance with the contemplated terms, or at
all, 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, 2018 filed with the SEC on
September 13, 2018. 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: https://www.businesswire.com/news/home/20181003005437/en/
EnviroStar, Inc.Henry M. Nahmad, 305-754-8676orMichael Steiner,
305-754-8676
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