EVI Industries Completes Acquisition of Spynr, Inc. – Adds Commercial Laundry Marketing Firm
May 09 2022 - 11:33AM
Business Wire
EVI Industries, Inc. (NYSE American: “EVI” or the “Company”)
announced today that it simultaneously executed a definitive
agreement and completed the acquisition of New York, NY based
Spynr, Inc. (“Spynr”), EVI’s twentieth (20th) acquisition. Spynr is
a highly specialized full-service marketing agency with deep roots
in the commercial laundry industry. Spynr provides owners of
laundry businesses a variety of marketing services, including
branding, web design, digital advertising, social media services,
content development, SEO, and other related services aimed to reach
and attract customers to their laundry businesses efficiently and
effectively.
Spynr was founded by Mr. Dennis Diaz, a young and dynamic
entrepreneur with over twelve years of experience in the commercial
laundry industry. Mr. Diaz leads a team of thirteen digital
marketing professionals that together have developed, and deployed
marketing solutions specifically designed for the commercial
laundry industry.
Henry M. Nahmad, EVI’s Chairman and Chief
Executive Officer, commented: “Our customers make significant
financial investments in their laundry businesses. Given the
competitive environment, maximizing the return on their investment
also requires laundry business owners to think and deliver across
the entire marketing spectrum, from branding to web design to
digital marketing, and beyond. To that end, we seek to provide
these critical services to existing and prospective customers such
that they may achieve their return expectations. Through Spynr, we
expect to deliver the industry and our Company these necessary
marketing capabilities.”
Spynr will operate as a subsidiary of EVI under its current name
and from its present location, will continue to be led by Mr. Diaz
and all its associates, and have the full extent of EVI’s resources
with which to execute on the Company’s long-term growth strategy.
In addition, Mr. Diaz will serve as EVI’s Director of Marketing.
Given Mr. Diaz’s service as a board member of the Coin Laundry
Association and the LaundryCares Foundation, the Company believes
it strengthened its leadership team with a well-recognized and
accomplished industry professional.
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.
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 Spynr
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 Spynr
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220509005773/en/
Henry M. Nahmad (305) 402-9300 Sloan Bohlen (203) 428-3210
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