EnviroStar, Inc. Completes Merger with Lucken, Inc., the Parent Company of Washington Automated, Inc.
November 07 2018 - 9:00AM
Business Wire
EnviroStar, Inc. (NYSE American: EVI) announced today that it
completed its merger with Lucken, Inc., the parent company of
Washington Automated, Inc. (“WAI”) on November 6, 2018.
WAI is a Washington-based distributor of commercial and vended
laundry products and a provider of related installation and
maintenance services to customers in the hospitality, healthcare,
institutional, vended, and for-profit sectors. The addition of WAI
builds on EVI’s leading market share position in the on-premise
laundry and vended laundry segments in the western United States
and expands the service capabilities of EVI’s existing western
operations.
EVI expects that WAI will continue to operate as it has
historically, under the leadership of Ryan Lucken, executing with
the same people, using the same name, and with the support and
resources of EVI and all of EVI’s existing and future business
units. Ryan Lucken, President of Washington Automated, added: “All
of us at Washington Automated are excited about joining a company
with an entrepreneurial culture and a proven strategy for long-term
growth and success.”
Henry M. Nahmad, EVI’s Chairman and Chief Executive Officer,
commented: “Ryan Lucken and his team built a successful business by
building quality relationships with and delivering exceptional
service to their customers. We welcome Washington Automated to the
EVI family and look forward to building upon their success.”
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 merger 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 WAI and EnviroStar’s plans with respect
thereto, 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/20181107005195/en/
EnviroStar, Inc.Henry M. Nahmad, 305-754-8676orMichael Steiner,
305-754-8676
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