EVI Industries Completes Acquisition of Express Parts and Services
06 6월 2023 - 6:08AM
Business Wire
EVI Industries, Inc. (NYSE American: “EVI” or the “Company”)
announced today that it simultaneously executed a definitive asset
purchase agreement and completed the acquisition of Express Parts
and Services (“EXP”), a distributor of commercial laundry products
and a provider of related technical installation and maintenance
services based in Sykesville, Maryland. The addition of EXP
increases EVI’s presence and market share in the state of Maryland
and will enable the Company to provide increased customer service
throughout the region.
Henry M. Nahmad, EVI’s Chairman and Chief
Executive Officer, commented: “We believe that each acquisition is
integral to achieving our long-term growth goal to build North
America’s largest value-added distributor of commercial laundry and
related products and the most dynamic network of commercial laundry
technicians through which we may best support commercial laundry
customers. We are pleased to welcome Max Usik and the EXP team to
the EVI family and look forward to working together in pursuit of
our long-term growth goals.”
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: “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.”
About EVI Industries
EVI Industries, Inc., through its wholly owned subsidiaries, is
a value-added distributor and a provider of advisory and technical
services. Through its vast sales organization, the Company provides
its customers with planning, designing, and consulting services
related to their commercial laundry operations. The Company sells
and/or leases its customers commercial laundry equipment,
specializing in washing, drying, finishing, material handling,
water heating, power generation, and water reuse applications. In
support of the suite of products it offers, the Company sells
related parts and accessories. Additionally, through the Company’s
robust network of commercial laundry technicians, the Company
provides its customers with installation, maintenance, and repair
services. The Company’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 the
purchase of the Company’s installation, maintenance, and repair
services.
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 acquisition of EXP
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 EXP and
EVI Industries plans with respect thereto. 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, as amended
by its Annual Report on Form 10-K/A for the fiscal year ended June
30, 2022, filed with the SEC on October 28, 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/20230605005838/en/
EVI Industries, Inc. Henry M. Nahmad (305) 402-9300
Investor Relations (305) 402-9300 info@evi-ind.com
EVI Industries (AMEX:EVI)
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EVI Industries (AMEX:EVI)
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