EVI Industries Completes Acquisition of Consolidated Laundry Equipment and Central Equipment Company
MIAMI--(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.
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.
EVI Industries, Inc.
Henry M. Nahmad (305) 402-9300
Sloan Bohlen (203) 428-3210
Source: EVI Industries, Inc.
Released February 9, 2022