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EVI Industries Completes Acquisition of Laundry South Systems and Repair – Expands to Mississippi

MIAMI–(BUSINESS WIRE)–EVI Industries, Inc. (NYSE American: “EVI” or the “Company”) today announced that it has simultaneously entered into a definitive agreement and completed the acquisition of Pearl, NY-based Laundry South. Mississippi, nineteenth (19and) distributor of commercial laundry products and provider of related technical installation and maintenance services. The addition of Laundry South expands the company’s sales and service operations in the state of Mississippi and increases its presence and market share in eastern Louisiana. Laundry South will join EVI’s Southcentral commercial laundry group of companies and, consistent with EVI’s operating philosophy, Laundry South will operate under its current name, from its current location and with all of its employees.

Henry M. Nahmad, President and CEO of EVI, said, “The addition of Laundry South aligns with our mission to bring together the brightest sales, service and support professionals, ambitious and talented people in the commercial laundry industry, so that we can provide our growing customer base with complete commercial laundry solutions. We are excited about the growth prospects of the Laundry South team and look forward to working with them towards this end.

EVI’s long-term strategy

EVI is in the early stages of a long-term growth strategy to create a business through which it can provide complete laundry solutions to all segments of the commercial laundry industry.

Key elements of EVI’s buy and build strategy include:

  • Identify and partner with great companies led by influential leaders,

  • Retain the management team, honor the corporate culture and empower them,

  • Pursue aggressive growth plans and help the management team achieve their goals,

  • Create a culture of ownership by motivating the team with long-term equity, and

  • Collaborate on new and transformative ideas to foster a spirit of growth and innovation.

Mr. Nahmad commented, “Our nineteenth acquisition demonstrates our reputation as a credible, capable and disciplined acquirer with a management team, organizational culture and operating philosophy that attracts successful entrepreneurs, industry and supplier partners who share our vision. and values. We remain committed to pursuing our long-term growth and profitability objectives. »

About EVI Industries

EVI Industries, Inc., through its wholly owned subsidiaries, is a distributor that sells, rents and leases commercial, industrial and sold laundry and dry cleaning equipment, steam and water boilers hot manufactured by third parties, provides spare parts and related accessories. , designs and plans turnkey laundry, dry cleaning and boiler systems, and provides installation and maintenance services to thousands of customers including commercial, industrial, institutional, government and retail customers. These activities are carried out in the United States, Canada, the Caribbean and Latin America.

Forward-looking statements

Except for historical matters contained in this press release, 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 any 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 Laundry South may not be earnings accretive to EVI Industries or have a positive impact on the results of operations or financial condition of EVI Industries in extent planned or not at all, integration risks, risks relating to the business, operations and prospects of Laundry South’s and EVI Industries’ plans in this regard. 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 SEC on October 28, 2021. Many of these risks and factors are beyond the control of EVI Industries. Additionally, past performance and perceived trends may not be indicative of future results. EVI Industries cautions that the above factors are not exclusive. The reader should not place undue reliance on forward-looking statements, which speak only as of the date on which they are made. EVI Industries does not undertake, 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, unless law requires it.