EVI Industries Completes Acquisition of Commercial Laundry Equipment Company
March 03 2020 - 9:00AM
Business Wire
EVI Industries, Inc. (NYSE American: EVI) announced today that
it completed the acquisition of Richmond, Virginia based Commercial
Laundry Equipment Company, Inc. (“CLE”), a distributor of
on-premise and vended laundry products and a provider of related
installation and maintenance services to the new and replacement
markets of the commercial laundry industry. CLE will immediately
begin to collaborate with existing EVI businesses on growth
opportunities in its territories
EVI is a growing distributor of commercial laundry products and
a provider of related installation and maintenance services. EVI’s
goal is to build the largest distributor of commercial laundry
products with the most robust service network in North America from
which to best serve customers in all end-markets of the commercial
laundry industry.
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 CLE 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 CLE 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, 2019 filed
with the SEC on September 13, 2019, as amended by its Annual Report
on Form 10-K/A for the fiscal year ended June 30, 2019, filed with
the SEC on October 28, 2019. 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.
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EVI Industries, Inc. Henry M. Nahmad (305) 402-9300 Sloan Bohlen
(203) 428-3210
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