EVI Industries to Acquire Wholesale Commercial Laundry Equipment SE
17 Ottobre 2022 - 4:24PM
Business Wire
EVI Industries, Inc. (NYSE American: EVI) announced today that
it executed a definitive agreement to acquire Southside, Alabama
based Wholesale Commercial Laundry Equipment SE (“WCL”), a
distributor of commercial laundry products and a provider of
related technical installation and maintenance services to the
on-premise and vended laundry segments of the commercial laundry
industry. With WCL, EVI adds an experienced sales team with
established customer relationships and a service team with a
longstanding reputation for providing reliable services.
Henry M. Nahmad, EVI’s Chairman and Chief Executive Officer,
commented: “Each acquisition is integral to achieving our long-term
growth and profitability goals. The addition of WCL expands our
geographic footprint in the southeast region of the United States
where we will have a significant opportunity to deliver commercial
laundry customers an enhanced customer value proposition. We look
forward to working with Russ Arbuckle and the WCL team to grow our
market share across the southeast.”
Consistent with EVI’s operating philosophy, WCL will operate as
a subsidiary of EVI under its current name and from its present
location and have the full extent of EVI’s resources with which to
execute on the Company’s long-term growth strategy. Upon completion
of the WCL acquisition, EVI will have acquired twenty-three (23)
commercial laundry businesses and continues to be the fastest
growing and only publicly listed company devoted to the North
American commercial laundry distribution and service industry.
EVI’s Buy and Build Philosophy
Key components of EVI’s buy-and-build strategy include:
- Identify and partner with great businesses led by influential
leaders,
- Retain the leadership team, honor the company culture and
empower them,
- Pursue aggressive growth plans and help the leadership team
achieve their goals,
- Create an ownership culture by motivating the team with
long-term equity, and
- Collaborate on new and transformative ideas to foster a spirit
of growth and innovation.
Mr. Nahmad commented: “We believe that the thoughtful execution
of our buy-and-build growth strategy has earned us a positive
reputation in and around the commercial laundry industry, including
among owners of quality businesses. We remain very active in the
pursuit of additional investments in other great businesses and
given our record, reputation, and appetite for significant growth,
EVI is well-positioned to capitalize on a growing number of
opportunities.”
The transaction is expected to close in the second fiscal
quarter, subject to the satisfaction of customary 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 Wholesale Commercial Equipment Company SE, LLC 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 Wholesale
Commercial Equipment Company SE, LLC 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, 2022, filed with the SEC on
September 13, 2022. 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/20221017005651/en/
EVI Industries, Inc. Henry M. Nahmad (305) 402-9300
Investor Relations Michael Callahan (203) 682-8311
info@evi-ind.com
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