EVI Industries to Acquire K&B Laundry Service LLC
August 08 2022 - 9:09AM
Business Wire
EVI Industries, Inc. (NYSE American: EVI) announced today that
it executed a definitive agreement to acquire K&B Laundry
Service (“K&B”), a North Carolina based provider of
installation and maintenance services to the industrial and
on-premise laundry segments of the commercial laundry industry.
With K&B, EVI adds fifteen (15) highly trained and specialized
commercial laundry technicians and support staff that will enhance
EVI’s capabilities to its growing customer base across the
southeast region of the United States. The transaction is expected
to close in the next thirty (30) days or upon the satisfaction of
all customary closing conditions.
The addition of K&B is consistent with EVI’s long-term
growth strategy to build the largest value added distributor of
commercial laundry products with the most dynamic network of
specialized technicians to support commercial laundry customers.
Upon completion of the K&B acquisition, EVI will have acquired
twenty one (21) commercial laundry businesses and continues to be
the fastest growing and only publicly listed company devoted to the
North American commercial laundry distribution and service
industry.
Henry M. Nahmad, EVI’s Chairman and Chief Executive Officer,
commented: “Our customers rely on the experience of our sales
professionals to plan and design best in class laundry facilities.
They also increasingly rely on the capabilities of our highly
trained technicians to install and continuously maintain their
laundry products. The K&B team strengthens our customer value
proposition, we are pleased to welcome Mr. Norman “Bo” Tanner and
the K&B team to the EVI Family, and look forward to working
together in the pursuit of our long-term goals.”
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,
- 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: “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 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 proposed acquisition
of K&B 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 K&B 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, 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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EVI Industries, Inc. Henry M. Nahmad (305) 402-9300 Investor
Relations Michael Callahan (203) 682-8311 info@evi-ind.com
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