EnviroStar, Inc. to Acquire Industrial Laundry Services, Inc.
August 06 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 assume certain liabilities of Orlando, Florida
based Industrial Laundry Services, Inc. (ILS) using a combination
of cash and EVI stock.
Industrial Laundry Services is a premier provider of commercial
laundry installation and maintenance services to customers in the
hospitality, healthcare, institutional, and for-profit sectors in
central Florida. The addition of ILS is consistent with EVI’s
growth strategy to build the industry’s largest distributor of
commercial and vended laundry products, supported by the most
advanced service organization that best serves laundry customers
across the country.
ILS will continue to operate as it has historically, under the
leadership of Troy and Erin Piper, using the same name, executing
with the same people, and with the support and resources of Steiner
Atlantic Corp., an EVI business unit based in Miami, FL. Troy
Piper, President of Industrial Laundry Services said: “By joining
EVI, we will have the opportunity to collaborate with Steiner
Atlantic and other EVI business units in the pursuit of
opportunities to grow and enhance our service operations across the
state of Florida and beyond.”
Henry M. Nahmad, EVI’s Chairman and Chief Executive Officer,
commented: “Our growing service operations provide us the
opportunity to generate new revenues and profits from the sale and
or lease of equipment, the delivery and installation of replacement
parts, and the execution of long-term comprehensive service
agreements. We welcome Troy and Erin Piper to the EVI Family and
look forward to fulfilling our growth objectives.”
The transaction is expected to close upon the satisfaction of
customary closing conditions. EVI expects the addition of
Industrial Laundry Services to be accretive to its fiscal year
ended June 30, 2019.
About EnviroStar
EnviroStar, Inc. is a distributor of commercial, industrial, and
vended laundry products and industrial boilers, including related
parts and supplies. Through its subsidiaries, EVI sells its
products and provides installation and maintenance services to
thousands of customers across the United States, the Caribbean, and
Latin America. EVI seeks to grow its North American market share
through the execution of its buy-and-build strategy. In that
pursuit, EVI intends to focus on buying market-leading laundry and
commercial cleaning products businesses, and building them through
the implementation of a growth culture that focuses on adding new
locations, offering a more expansive and complimentary product
line, and delivering a vast array of technical 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 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 Industrial Laundry
Services 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 Industrial Laundry Services 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, 2017 filed
with the SEC on September 28, 2017. 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180806005304/en/
EnviroStar, Inc.Henry M. Nahmad, 305-754-8676
EVI Industries (AMEX:EVI)
Historical Stock Chart
From Mar 2024 to Apr 2024
EVI Industries (AMEX:EVI)
Historical Stock Chart
From Apr 2023 to Apr 2024