recently announced that it has executed a definitive merger agreement to acquire all of the outstanding shares of “a prominent distributor of laundry products and a provider of installation and maintenance services to the new and replacement markets of the vended and commercial laundry industry based in the western United States,” using a combination of cash and EVI stock.
The addition of this as of yet unnamed distributorship – which serves more than 2,700 customers in varying end-market segments, according to EVI – is consistent with the Miami-based company’s growth strategy to build the industry’s largest distributor of industrial, commercial and vended laundry products. EVI said it expects the newly acquired business to continue to operate as it has historically – under its existing leadership, using the same name, executing with the same people, and with the support and resources of EVI and all of its existing and future business units.
“EVI is a growing group of successful entrepreneurs with a relentless passion and commitment to growth,” said Henry M. Nahmad, EVI’s chairman and chief executive officer. “Our operating philosophy preserves the entrepreneurial spirit of acquired businesses and creates a culture that encourages the pursuit of long-term growth opportunities. This acquisition adds more revenues, profits and market share to our fast-growing business, but more importantly adds another successful entrepreneur and a team from which we expect significant growth in the future.”
EVI reported that it expects the addition of the business to be accretive to its fiscal year ended June 30, 2019.