EVI Industries to Acquire Eastern Laundry Systems
December 17 2020 - 10:05AM
Business Wire
EVI Industries, Inc. (NYSE American: EVI) announced today that
it executed a definitive purchase agreement to acquire
substantially all the assets and certain liabilities of Taunton,
Massachusetts-based Baystate Business Ventures d/b/a Eastern
Laundry Systems (“Eastern Laundry Systems”), a distributor of
commercial and vended laundry products and a provider of related
installation and maintenance services. Eastern Laundry Systems has
built a reputation of providing exceptional service while
representing quality products to a diverse customer base across the
New England region.
This acquisition is consistent with EVI’s strategy to build the
largest and most dynamic sales and service team in each geographic
market to promote the Company’s growing portfolio of products and
to expand its service operations.
Henry M. Nahmad, EVI’s Chairman and CEO, said: “We are pleased
to welcome Eastern Laundry Systems to the EVI Family. We remain
very active in our pursuit of additional acquisitions and strategic
investments in other great businesses in our industry and in those
industries that meet our financial and strategic criteria.”
The transaction is expected to close upon the satisfaction of
closing conditions.
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 Eastern Laundry Systems 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 Eastern Laundry Systems 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, 2020, filed with the SEC on
September 14, 2020, as amended by its Annual Report on Form 10-K/A
for the fiscal year ended June 30, 2020, filed with the SEC on
October 28, 2020. 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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Henry M. Nahmad (305) 402-9300 Sloan Bohlen (203) 428-3210
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