MIAMI--(BUSINESS WIRE)--EVI Industries, Inc. (NYSE American: "EVI") announced today that it completed the acquisition of Dallas, TX based Ed Brown Distributors, a distributor of commercial laundry products and a provider of installation and maintenance services to the on-premise and vended laundry segments of the commercial laundry industry. Consideration for the purchase of Ed Brown was paid in cash.
Henry M. Nahmad, EVI's Chairman and CEO, commented: "With the acquisition of Ed Brown, we add a team of experienced sales and service personnel and new product representations that combined are important to achieving our growth objectives in the central region of the United States. As is customary, the company will operate under its existing name and with its current team to provide continuity to customers, employees, and vendor partners."
EVI's Buy and Build Philosophy
Since 2016, EVI has acquired 26 businesses and has become the leader in the North American commercial laundry distribution and service industry. 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,
- Collaborate on new and transformative ideas to foster a spirit of growth and innovation,
- Pursue aggressive growth plans and help the leadership team achieve their goals,
- Deploy advanced technologies to modernize operations and enhance the customer experience, and
- Create an ownership culture by motivating the team with long-term equity.
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, 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 Ed Brown Distributors may not be accretive to EVI's earnings or otherwise have a positive impact on EVI's operating results or financial condition to the extent anticipated or at all, integration risks, risks related to the business, operations, and prospects of Ed Brown Distributors and EVI's plans with respect thereto. Reference is also made to other economic, competitive, governmental, technological and other risks and factors discussed in EVI's filings with the Securities and Exchange Commission, including, without limitation, those disclosed in the "Risk Factors" section of EVI's Annual Report on Form 10-K for the fiscal year ended June 30, 2023, filed with the SEC on October 5, 2023, as amended by its Annual Report on Form 10-K/A for the fiscal year ended June 30, 2023, filed with the SEC on October 27, 2023. Many of these risks and factors are beyond EVI's control. In addition, past performance and perceived trends may not be indicative of future results. EVI 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 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.
Contacts
Investor Relations
EVI Industries, Inc.
4500 Biscayne Boulevard, Suite 340
Miami, Florida 33137
(305) 402-9300
info@evi-ind.com
