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EVI Industries, Inc. (EVI) announced the acquisition of Clean Designs, a distributor of commercial laundry products, on June 1, 2022. This strategic move aims to enhance EVI's market presence in the commercial laundry industry, leveraging Clean Designs' loyal customer base and expertise. EVI's long-term growth strategy focuses on building comprehensive laundry solutions and retaining leadership teams to drive aggressive growth. However, the acquisition may pose integration risks and uncertainties concerning its anticipated financial benefits.
Positive
Acquisition of Clean Designs enhances EVI's market presence in the commercial laundry industry.
Clean Designs has a significant, loyal customer base that could drive revenue growth.
EVI's long-term strategy aims to build comprehensive laundry solutions.
Negative
Integration risks associated with the acquisition of Clean Designs.
Uncertainties regarding whether the acquisition will positively impact EVI's financial performance.
MIAMI--(BUSINESS WIRE)--
EVI Industries, Inc. (NYSE American: “EVI” or the “Company”) announced today that on June 1, 2022, the Company completed the previously announced acquisition of Lakewood, CO based Clean Designs and Clean Route (together “Clean Designs”), a distributor of commercial laundry products and providers of related technical installation and maintenance services to on-premise, vended, and multi-family laundry customers.
Henry M. Nahmad, EVI’s Chairman and Chief Executive Officer, commented: “Clean Designs represents another excellent addition to the EVI Family. Clean Designs has a significant customer base that is loyal to the knowledge, experience, and capabilities of the Clean Designs team. We welcome Tim and Bridget Stoklosa and all 19 members of the Clean Designs team and are excited to work together in the pursuit of our long-term growth goals in the years ahead.”
EVI’s Long-Term Strategy
EVI is in the early stages of a long-term growth strategy to build an enterprise through which it may deliver comprehensive laundry solutions to all segments of the commercial laundry 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,
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.
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 acquisition of Clean Designs 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 Clean Designs 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, 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, 2021, 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.
