20. Subsequent Events |
On August 1, 2019, the Company, through its
wholly-owned subsidiary, Professional Laundry Systems, LLC (“Professional Laundry Systems”), completed the acquisition
of substantially all of the assets of Commercial Laundry Products, Inc., Professional Laundry Systems of PA, Inc., and Professional
Laundry Systems West, Inc. (collectively “PLS”), a New York-based distributor of commercial, industrial, and vended
laundry products and provider of installation and maintenance services to the new and replacement segments of the commercial, industrial
and vended laundry industry. The consideration paid by the Company in connection with the acquisition consisted of cash and stock
and was immaterial to the Company on a consolidated basis. Pursuant to the Asset Purchase Agreement, the Company, indirectly through
Professional Laundry Systems, also assumed certain of the liabilities of PLS. The financial position, including assets and liabilities,
and results of operations of PLS following the August 1, 2019 closing date will be consolidated in the Company’s consolidated
financial statements beginning with the quarter ending September 30, 2019.
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