EVI Industries Completes Acquisition of Eastern Laundry Systems
January 19 2021 - 9:00AM
Business Wire
EVI Industries, Inc. (NYSE American: EVI) announced today that
it completed its acquisition of Taunton, Massachusetts based
Eastern Laundry Systems on January 15, 2021.
Eastern Laundry Systems is a distributor of vended and
on-premise laundry products and a provider of related installation
and maintenance services. This acquisition is consistent with EVI’s
long-term growth strategy, which includes buying quality businesses
and building them through the addition of highly qualified sales
professionals that together with a broader portfolio of products
and enhanced installation and service capabilities, can grow market
share and long-term profitability.
Henry M. Nahmad, EVI’s Chairman and CEO, said: “We welcome David
Cabral and his team at Eastern Laundry Systems to the EVI Family.
This 16th addition to our growing family is yet another valuable
step towards building a world-class distribution and service
company in the commercial laundry industry.”
EVI’s Buy-and-Build
Strategy
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, chemical supplies 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.
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 acquisition of Eastern Laundry Systems 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 Eastern Laundry Systems
and EVI’s plans with respect thereto, 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 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210119005589/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