EVI Industries Completes Acquisition of Consolidated Laundry Equipment and Central Equipment Company
10 February 2022 - 1:24AM
Business Wire
EVI Industries, Inc. (NYSE American: EVI) announced today that
it completed its mergers with Raleigh, NC based Consolidated
Laundry Equipment and Columbia, SC based Central Equipment Company
(collectively “CLE”), both distributors of commercial laundry
products and providers of related technical installation and
maintenance services, on February 7, 2022.
Henry M. Nahmad, EVI’s Chairman and Chief Executive Officer,
commented: “CLE is a unique acquisition for us in that it serves
customers in a geography where EVI already has four businesses
operating with wide-ranging capabilities and with distinct product
representations. CLE has a significant customer base that is loyal
to the knowledge, experience, and capabilities of its sales and
service organization which is highly attractive to us, and it has a
robust operation that when synchronized with our existing
businesses in the geography will result in the largest and most
dynamic commercial laundry operation in the southeast region of the
United States.”
The acquisition of CLE represents EVI’s eighth investment in the
southeast region and its seventeenth acquisition since the
inception of its long-term focused buy-and-build growth strategy.
Mr. Nahmad added: “We believe that our track record has earned us
the reputation of a knowledgeable, efficient, and trustworthy
acquirer with an entrepreneurial culture and long-term growth
opportunity that is attractive to business owners in and around the
commercial laundry industry. We welcome Billy Kincaid and all 42
members of the CLE team and are excited to work together in the
pursuit of our goals in years ahead.”
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
Consolidated Laundry Equipment and Central Equipment Company 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
Consolidated Laundry Equipment and Central Equipment Company, 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, 2021, filed with the SEC on September 13, 2021, 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, 2021. 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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EVI Industries, Inc. Henry M. Nahmad (305) 402-9300 Sloan Bohlen
(203) 428-3210
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