EVI Industries, Inc. Completes Acquisition of PAC Industries, Inc.
February 06 2019 - 9:00AM
Business Wire
EVI Industries, Inc. (NYSE American: EVI) announced today that
it completed its acquisition of PAC Industries, Inc. (“PAC”). Based
in Harrisburg, Pennsylvania, PAC is a prominent distributor of
commercial, industrial, and vended laundry products and a provider
of related installation and maintenance services to the new and
replacement markets of the laundry industry. The addition of PAC
marks the beginning of EVI’s intended growth strategy in the
northeast region, where the Company believes there is a significant
growth opportunity for the products and services the Company
provides.
EVI is a growing distributor of commercial laundry products and
a provider of related installation and maintenance services. EVI’s
goal is to build the largest distributor of commercial laundry
products and the most robust service network in North America from
which to best serve customers in all end-markets of the laundry
industry.
EVI expects the addition of PAC to be accretive to its fiscal
year ended June 30, 2019.
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 PAC
Industries 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 PAC Industries and EVI Industries’ plans with respect
thereto 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 opportunities, and the impact of any such
acquisitions 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, 2018, filed with the SEC on
September 13, 2018. 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/20190206005362/en/
EVI Industries, Inc.Henry M. Nahmad (305) 754-8676Michael
Steiner (305) 754-8676
EVI Industries (AMEX:EVI)
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