EVI Industries to Acquire Professional Laundry Systems and Affiliates
May 13 2019 - 9:00AM
Business Wire
EVI Industries, Inc. (NYSE American:EVI) announced today that it
previously executed a definitive purchase agreement to acquire
substantially all the assets and certain liabilities of Commercial
Laundry Products, Inc., Professional Laundry Systems of PA, Inc.,
and Professional Laundry Systems West, Inc. (collectively “PLS”)
using a combination of cash and EVI common stock. PLS is a New
York-based distributor of commercial and vended laundry products
and a provider of related installation and maintenance
services.
Alex Harris and Paul Cousins, Co-Owners of PLS, jointly said,
“We are honored to join the EVI family of commercial laundry
businesses. We are excited about the new opportunities available to
our employees and we look forward to working with the EVI
businesses and our loyal suppliers in the pursuit of long-term
growth.”
Given EVI’s recent acquisition of PAC Industries in February of
2019, the addition of PLS is consistent with the Company’s stated
goal to grow its sales and service operations across the northeast.
The acquired companies will operate under the name “Professional
Laundry Systems,” with its current team of over fifteen laundry
professionals and with the support and resources provided by
EVI.
Henry M. Nahmad, EVI’s Chairman and CEO, commented, “Alex Harris
and Paul Cousins built a successful business servicing thousands of
commercial laundry customers in the northeast. We welcome them and
their team to the EVI family and look forward to working together
to build PLS.”
The transaction is expected to close upon the satisfaction of
customary closing conditions.
About EVI Industries
EVI Industries, Inc., through its wholly-owned subsidiaries, is
a distributor that generates revenues by selling, leasing or
renting, through its extensive sales organization, commercial,
industrial and vended laundry, dry-cleaning, and material handling
equipment, steam and hot water boilers, water reuse and filtration
systems, and related replacement parts and accessories.
Additionally, EVI designs, plans, and installs turn-key laundry,
dry cleaning, boiler, and water filtration systems and provides
maintenance services through its robust technical service
organization.
The EVI’s customers include retail, commercial, industrial,
institutional, and government customers. Purchases made by
customers range from parts and accessories, to single or multiple
units of equipment, to large complex systems, as well as
installation and maintenance services. EVI believes that the
increase in equipment sales provides a strong foundation for EVI to
further strengthen its customer relationships, including that they
may in the future result in higher gross margin opportunities from
the sale of parts, accessories, supplies, and technical services
related to the equipment.
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, 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 acquisitions of PLS and its
affiliates may not be accretive to EVI’s earnings or otherwise have
a positive impact on EVI’s operating results or financial condition
to the extent anticipated or at all, integration risks, risks
related to the business, operations and prospects of each of PLS’
and its affiliates’ plans with respect thereto, the risk that the
conditions to closing the proposed acquisitions may not be
satisfied and that the proposed acquisitions may not otherwise be
consummated when expected, in accordance with the contemplated
terms, or at all, and the risks related to EVI’s operations,
results, financial condition, financial resources, and growth
strategy, including EVI’s ability to find and complete other
acquisition opportunities, and the impact of any such acquisitions
on EVI’s operations, results and financial condition. Reference is
also made to other economic, competitive, governmental,
technological and other risks and factors discussed in EVI’s
filings with the Securities and Exchange Commission, including,
without limitation, those disclosed in the “Risk Factors” section
of EVI’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 EVI’s control. In addition, past
performance and perceived trends may not be indicative of future
results. EVI 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 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/20190513005412/en/
EVI Industries, Inc.Henry M. Nahmad (305) 754-8676Michael
Steiner (305) 754-8676
EVI Industries (AMEX:EVI)
Historical Stock Chart
From Aug 2024 to Sep 2024
EVI Industries (AMEX:EVI)
Historical Stock Chart
From Sep 2023 to Sep 2024