EVI Industries to Acquire ALCO Washer Center
July 31 2023 - 10:06AM
Business Wire
EVI Industries, Inc. (NYSE American: EVI) announced today that
it executed a definitive agreement to acquire New Castle,
Pennsylvania based ALVF, Inc. dba ALCO Washer Center (“ALCO”), a
distributor of commercial laundry products and a provider of
related technical installation and maintenance services to the
on-premise and vended laundry segments of the commercial laundry
industry. Through ALCO, EVI increases its customer base and expands
its distribution and service footprint in the northeast region of
the United States.
Upon closing, ALCO will join EVI’s Northeast Group. Consistent
with EVI’s operating philosophy, ALCO will continue to operate
under its current name and from its present location, and have the
full extent of EVI’s resources with which to execute on various
growth opportunities in its region. The successful completion of
the ALCO acquisition will represent EVI’s twenty-fifth (25th)
acquisition of a successful family owned commercial laundry
business. As a result of its successful acquisition program and
various organic growth initiatives, EVI continues to be the fastest
growing and only listed company devoted to the North American
commercial laundry distribution and service industry.
The transaction is expected to close upon the satisfaction of
customary closing conditions.
EVI’s Buy and Build
Philosophy
Key components of EVI’s buy-and-build strategy include:
- Identify and partner with great businesses led by influential
leaders,
- Retain the leadership team, honor the company culture and
empower them,
- Collaborate on new and transformative ideas to foster a spirit
of growth and innovation,
- Pursue aggressive growth plans and help the leadership team
achieve their goals, and
- Create an ownership culture by motivating the team with
long-term equity.
Mr. Nahmad commented: “We believe that the
thoughtful execution of our buy-and-build growth strategy has
earned us a positive reputation in and around the commercial
laundry industry, including among owners of quality businesses. We
remain very active in the pursuit of additional investments in
other great businesses and given our record, reputation, and
appetite for significant growth, EVI is well-positioned to
capitalize on a growing number of opportunities.”
About EVI Industries
EVI Industries, Inc., through its wholly owned subsidiaries, is
a value-added distributor and a provider of advisory and technical
services. Through its vast sales organization, the Company provides
its customers with planning, designing, and consulting services
related to their commercial laundry operations. The Company sells
and/or leases its customers commercial laundry equipment,
specializing in washing, drying, finishing, material handling,
water heating, power generation, and water reuse applications. In
support of the suite of products it offers, the Company sells
related parts and accessories. Additionally, through the Company’s
robust network of commercial laundry technicians, the Company
provides its customers with installation, maintenance, and repair
services. The Company’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 the
purchase of the Company’s installation, maintenance, and repair
services.
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 proposed acquisition
of ALCO 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 ALCO and EVI Industries 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 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, 2022, filed with the SEC on September 13, 2022. 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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version on businesswire.com: https://www.businesswire.com/news/home/20230731927903/en/
EVI Industries, Inc. Henry M. Nahmad (305) 402-9300
Investor Relations (305) 402-9300 info@evi-ind.com
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