EVI Industries, Inc. - EVI STOCK NEWS

EVI Industries, Inc. (AMEX: EVI) has announced a definitive agreement to acquire Aldrich Clean-Tech Equipment Corp., a distributor of commercial laundry products based in Massachusetts. This acquisition will enhance EVI’s operational capabilities by adding eight skilled technicians to its workforce, thereby bolstering its service presence in the northeastern United States. Slated to finalize in 30 days, this move aligns with EVI's strategy to become North America's leading distributor of commercial laundry products. The company has acquired 22 such businesses to date, emphasizing its commitment to growth.

EVI Industries, Inc. (NYSE: EVI) announced a definitive agreement to acquire K&B Laundry Service, enhancing its capabilities in the commercial laundry service sector. This acquisition adds 15 specialized technicians to EVI's staff and is part of a strategy to grow as a leading distributor in the industry. EVI aims to build a strong network of technicians to support its expanding customer base across the southeastern U.S. The transaction is expected to close within 30 days. The acquisition aligns with EVI's long-term growth strategy and follows several similar acquisitions.

EVI Industries, Inc. (NYSE American: EVI) announced that Chairman and CEO Henry M. Nahmad will participate in one-on-one meetings at the Jefferies Industrials Conference on August 9, 2022. The company pursues a buy-and-build strategy aimed at long-term growth and shareholder value, having acquired 20 commercial laundry distributors and service providers over the past six years. EVI operates 28 distribution locations across 18 states, exporting to Latin America and the Caribbean, while providing comprehensive laundry and dry cleaning solutions to various sectors.

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.

EVI Industries reported its financial results for the three and nine months ended March 31, 2022. Revenue for the third quarter decreased 4% to $60 million, while gross profit increased 8% to a record $17 million, raising gross margin by 320 basis points to 28.4%. For the nine-month period, revenue grew 4% to $184 million and net income surged 61% to $2.6 million. EVI continues to expand with several acquisitions and has a backlog of nearly $150 million, reflecting strong market demand despite ongoing supply chain issues.

EVI Industries, Inc. (EVI) has successfully acquired Spynr, Inc., marking its 20th acquisition. Spynr is a marketing agency specializing in the commercial laundry sector, providing services like branding and digital marketing. Founded by Dennis Diaz, Spynr will continue to operate under its name and leadership, with Diaz also taking on the role of EVI's Director of Marketing. This acquisition aims to enhance EVI's marketing capabilities and support its long-term growth strategy focused on delivering comprehensive solutions across the laundry industry.

EVI Industries, Inc. (NYSE American: EVI) has officially acquired Laundry South, its 19th distributor of commercial laundry products, expanding its operations into Mississippi and enhancing its market share in eastern Louisiana. This acquisition aligns with EVI's strategy to build a comprehensive laundry solutions enterprise. EVI emphasizes retaining the existing leadership and culture of Laundry South while pursuing growth and innovation in the commercial laundry sector. CEO Henry M. Nahmad notes the strategic importance of this acquisition for the company’s long-term goals.

EVI Industries (AMEX:EVI) has announced a definitive agreement to acquire Clean Designs, a distributor of commercial laundry products based in Lakewood, CO. This acquisition adds to EVI's strong market position in the Western U.S. and marks its eighteenth commercial laundry business acquisition. The deal will enhance EVI’s product offerings and service capabilities, leveraging Clean Designs' experienced sales and service team. EVI aims to capitalize on growth opportunities while integrating Clean Designs as a subsidiary under its current management.

EVI Industries, Inc. (EVI) reported record results for the second quarter and first half of fiscal 2022, with revenues of $61 million and $124 million, representing 6% and 8% increases, respectively. Gross profit reached $17 million and $34 million, up 17% and 24%, with gross margins at a record 27.7%. Net income grew to $0.53 million and $2.5 million. EVI also maintained a robust backlog of $120 million and completed the acquisition of Consolidated Laundry Equipment. Despite supply chain challenges, the company remains optimistic about long-term growth and profitability, supported by a solid balance sheet and ample liquidity.