EVI Industries Completes Acquisition of Laundry Systems of Tennessee and Affiliates
04 February 2020 - 1:00AM
Business Wire
EVI Industries, Inc. (NYSE American: EVI) announced today that
it completed its acquisition of Laundry Systems of Tennessee and
affiliates on January 31, 2020.
Laundry Systems of Tennessee is a 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 commercial laundry industry. This acquisition
expands EVI’s sales and service presence in the Southeast U.S.,
which coincides with EVI’s strategy to build density in geographic
markets to improve customer service and through which EVI may
pursue new growth opportunities. To ensure continuity to its
customers, employees, and trusted vendor partners, Laundry Systems
of Tennessee will operate under its existing name and under the
direction of Jeff and Tonya Large, President and Vice President of
the Company, respectively.
Henry M. Nahmad, EVI’s Chairman and CEO, said: “Jeff and Tonya
Large, and their team at Laundry Systems of Tennessee are a
well-respected group of laundry professionals and we look forward
to working together with them in the pursuit of growth. Their
addition to our growing family is yet another valuable step towards
building a world-class distribution and service company in the
commercial laundry industry.”
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, 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
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 mergers with Laundry
Systems of Tennessee and Affiliates 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 Laundry Systems of
Tennessee's and Affiliates' 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 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, 2019, filed with the
SEC on September 13, 2019, as amended by its Annual Report on Form
10-K/A for the fiscal year ended June 30, 2019, filed with the SEC
on October 28, 2019.. 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/20200203005390/en/
Henry M. Nahmad (305) 402-9300 Sloan Bohlen (203) 428-3210
EVI Industries (AMEX:EVI)
Historical Stock Chart
From Apr 2024 to May 2024
EVI Industries (AMEX:EVI)
Historical Stock Chart
From May 2023 to May 2024