EVI Industries Completes Acquisition of Laundry South Systems and Repair – Expands Into Mississippi
May 02 2022 - 10:06AM
Business Wire
EVI Industries, Inc. (NYSE American: “EVI” or the “Company”)
announced today it simultaneously executed a definitive agreement
and completed the acquisition of Pearl, Mississippi based Laundry
South, EVI’s nineteenth (19th) distributor of commercial laundry
products and provider of related technical installation and
maintenance services. The addition of Laundry South expands the
Company’s sales and service operations into the state of
Mississippi and increases its presence and market share in eastern
Louisiana. Laundry South will join EVI’s Southcentral Group of
commercial laundry businesses and consistent with EVI’s operating
philosophy, Laundry South will operate under its current name, from
its present location, and with all its employees.
Henry M. Nahmad, EVI’s Chairman and Chief
Executive Officer, commented: “The addition of Laundry South is
consistent with our mission to amass the brightest, most ambitious,
and talented sales, service, and support professionals in the
commercial laundry industry such that we may deliver our growing
customer base comprehensive commercial laundry solutions. We are
excited about the growth prospects for the Laundry South Team, and
we look forward to collaborating with them to that end.”
EVI’s Long-Term Strategy
EVI is in the early stages of a long-term growth strategy to
build an enterprise through which it may deliver comprehensive
laundry solutions to all segments of the commercial laundry
industry.
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,
- Pursue aggressive growth plans and help the leadership team
achieve their goals,
- Create an ownership culture by motivating the team with
long-term equity, and
- Collaborate on new and transformative ideas to foster a spirit
of growth and innovation.
Mr. Nahmad commented: “Our nineteenth acquisition is a testament
to our reputation as a credible, capable, and disciplined acquirer
with a leadership team, organizational culture, and operating
philosophy that attracts successful entrepreneurs, industry
professionals, and supplier partners who share our vision and
values. We remain steadfast in the pursuit of our long-term growth
and profitability goals.”
About EVI Industries
EVI Industries, 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 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 acquisition of
Laundry South 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 Laundry South and EVI Industries plans with respect
thereto. 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, 2021, filed with the SEC on
September 13, 2021, as amended by its Annual Report on Form 10-K/A
for the fiscal year ended June 30, 2021, filed with the SEC on
October 28, 2021. 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/20220502005537/en/
Henry M. Nahmad (305) 402-9300
Sloan Bohlen (203) 428-3210
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