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Company Overview
EVI Industries Inc is a distinguished distributor operating primarily in the commercial and industrial sectors, specializing in laundry and dry cleaning equipment as well as industrial steam and hot water boilers. With a longstanding presence in the industry since its origins in 1959, the company has honed its expertise in providing comprehensive solutions that include equipment sales, leasing, renting, and a full suite of technical services. Incorporating industry-specific methods such as turnkey system planning and installation, EVI Industries has solidified its market position through an effective business model that serves a diverse clientele.
Business Segments and Operations
EVI Industries is uniquely positioned as the only publicly traded distributor in its niche industry. The core operations are segmented into:
- Equipment Distribution: The company offers a wide range of commercial laundry equipment and dry cleaning machines manufactured by leading suppliers. This distribution is not limited to sales; it also extends to leases and rentals, providing flexible solutions tailored to varied customer needs.
- Industrial Boilers: Beyond laundry and dry cleaning systems, EVI Industries provides industrial boilers including steam and hot water systems that are critical to several process-driven sectors. Their approach includes providing a comprehensive range of replacement parts and accessories.
- Technical and Turn-Key Services: The company distinguishes itself through detailed design, planning, installation, and maintenance services. Leveraging its deep technical expertise, it manages complex integrations of equipment systems and offers ongoing support, ensuring reliability and operational maximization for its customers.
Market Position and Competitive Landscape
Within a competitive landscape that spans commercial, industrial, institutional, and government sectors, EVI Industries has established a significant market presence in the United States, Canada, the Caribbean, and Latin America. The company utilizes a buy-and-build strategy to acquire market-leading specialty businesses, expanding its geographical reach and service offerings. This strategy provides a foundation for sustained operational resilience. Key differentiation factors include its extensive expertise and its seamless integration of technical services with product distribution, which are essential in managing complex industrial requirements.
Customer Base and Revenue Streams
The customer portfolio of EVI Industries is diverse and extensive. It includes:
- Major commercial enterprises that require reliable laundry and cleaning systems.
- Industrial sectors that depend on robust boiler systems for operational efficiency.
- Institutional and government bodies that demand consistent, high-quality service and support.
- Retail outlets that integrate cleaning and maintenance operations.
This variety of customer demands supports a balanced revenue model that derives income from direct equipment sales, long-term lease agreements, and recurring service contracts. The multi-channel revenue streams not only mitigate risk but also promote a stable operational base across its markets.
Strategic Growth and Operational Excellence
EVI Industries continuously emphasizes operational excellence through its strategic focus on acquiring and integrating market-leading businesses. By fostering a culture of growth and technical precision, the company enhances its product and service offerings. This growth culture is supported by:
- An emphasis on expanding the product lines in laundry, dry cleaning, and boiler systems.
- The addition of new operational locations, which increases geographical and market coverage.
- The scalable integration of technical services that ensure customers receive comprehensive support from installation to maintenance.
Such strategic initiatives not only broaden the company’s market share but also leverage cost efficiencies, operational synergies, and enhanced customer service capabilities.
Technical Services and Industry Expertise
A core facet of EVI Industries is its commitment to technical service excellence. The company provides detailed planning, system design, and maintenance services that are crucial for the longevity and effectiveness of its distributed equipment. This technical service model helps clients reduce downtime, optimize equipment life cycles, and ultimately ensure uninterrupted operations. The integration of technical knowledge with commercial operations underscores the company's commitment to both operational reliability and customer success.
Geographical Footprint and Service Reach
With a robust geographical footprint, EVI Industries covers key markets across North America, including the United States and Canada, along with strategic access to markets in the Caribbean and Latin America. This expansive reach allows the company to serve a dynamic range of industries, adapting its service offerings to meet localized demands while adhering to consistent quality and technical standards across all regions.
Industry Keywords and Strategic Relevance
The discussion of EVI Industries naturally incorporates keywords such as commercial laundry equipment, industrial boilers, and turn-key technical services. These terms highlight the company’s deep industry specialization and operational expertise. Such precise terminology not only aids in search optimization but also conveys the technical proficiency and comprehensive operational framework the company employs. It is this blend of technical acumen and strategic market positioning that reinforces EVI Industries' role as a critical service provider in the equipment distribution industry.
Conclusion
EVI Industries Inc exemplifies a comprehensive approach towards equipment distribution and integrated services in the industrial and commercial sectors. Its multifaceted business model, technical services expertise, and strategic acquisitions help maintain a diversified product and service offering that meets the evolving needs of a broad customer base. By integrating technical excellence with a robust supply chain, the company ensures that it continues to meet the intricate demands of the market with a consistent level of quality and reliability.
EVI Industries (NYSE American: EVI) has announced its largest acquisition to date, agreeing to purchase Girbau North America (GNA) for approximately $43 million in cash. This marks EVI's 30th acquisition in its ten-year buy-and-build strategy.
GNA, founded in 1995 as a master distributor of Girbau products, generated $75 million in revenue with 9.5% operating income for the twelve months ended December 31, 2024, and achieved a five-year revenue CAGR of 11%. The acquisition is expected to contribute approximately $50 million in net revenue and $7.0 million in operating income on a pro forma basis.
To fund the acquisition, EVI will utilize its revolving credit facility and has secured a commitment to increase its credit facility by $50 million to $150 million, with an additional $50 million accordion feature. The transaction is expected to be immediately accretive to EVI's earnings and will expand the company's distribution network while enhancing its functional support capabilities.
EVI Industries (NYSE American: EVI) reported record results for Q2 and H1 2024, with Q2 revenue up 1% to $92.7M and H1 revenue up 4% to $186.3M. The company achieved record gross profits, with Q2 gross profit increasing 4% to $27.5M and H1 gross profit up 8% to $56.4M. Gross margins improved to 29.7% in Q2 and a record 30.3% for H1.
The company completed two acquisitions in the Southeast region and deployed field service technology to over 70% of its service organization. EVI maintains a strong equipment sales backlog exceeding $100M. However, Q2 net income decreased to $1.1M from $1.3M year-over-year, while H1 net income increased to $4.4M from $2.6M. The company paid a $4.6M dividend, the largest in its history, and increased its net debt to $24.0M from $8.3M at fiscal year-end.
EVI Industries (NYSE: EVI) has completed its acquisition of Haiges Machinery, a Huntley, Illinois-based company. This marks EVI's 29th acquisition in the commercial laundry distribution and service industry and represents its first entry into the Midwest region of the United States.
The company's buy-and-build strategy encompasses several key components: identifying and partnering with successful businesses led by influential leaders, maintaining existing leadership teams while preserving company culture, fostering innovation through collaboration, supporting aggressive growth initiatives, and creating an ownership culture through long-term equity incentives.
EVI Industries has announced a definitive agreement to acquire Haiges Machinery, a Huntley, IL-based distributor of commercial laundry products and services. This marks EVI's first acquisition in the Midwest region. Haiges Machinery, with its 25 employees, will continue operating under its existing name and from its current facility.
This represents EVI's 29th commercial laundry business acquisition, maintaining its position as the fastest-growing and only listed company in the North American commercial laundry distribution and services industry. The transaction, to be paid in cash, is expected to close upon meeting customary conditions and contribute to EVI's earnings for the fiscal year ending June 30, 2025.
The acquisition aligns with EVI's buy-and-build strategy, which focuses on partnering with influential leaders, retaining leadership teams, fostering growth and innovation, and creating an ownership culture through long-term equity incentives.
EVI Industries reported record first quarter results for fiscal 2025, with revenue increasing 6% to $93.6 million and net income surging 152% to $3.2 million. The company achieved record figures across key metrics, including gross profit up 12% to $28.9 million and operating income at $5.0 million. Gross margin improved to 30.8% from 29.2%. During the quarter, EVI completed the acquisition of Laundry Pro of Florida and declared a special cash dividend of $0.31 per share. The company maintains a strong balance sheet with over $100 million in available liquidity, despite net debt increasing to $15.5 million.
EVI Industries has completed its 28th acquisition in the commercial laundry industry by purchasing O'Dell Equipment and Supply, a Jeffersonville, Indiana-based distributor of commercial laundry products and services. O'Dell, which generated revenues of approximately $10.5 million for the twelve months ended June 30, 2024, will continue operating under its existing name and retain all 25 employees. This marks EVI's 12th acquisition in the Southeast region of the United States, aligning with their strategy to offer comprehensive commercial laundry solutions across North America.
EVI Industries (NYSE American: EVI) has announced its participation in the Baird Global Industrial Conference at The Ritz-Carlton, Chicago on November 12, 2024. Chairman and CEO Henry M. Nahmad will present and host one-on-one meetings with registered investors.
The company has implemented a successful buy-and-build strategy, acquiring 27 commercial laundry distributors across North America in eight years. Operating from 30 distribution locations across 19 states, EVI exports to Latin America and the Caribbean. Since 2016, the company has achieved impressive growth rates: 33% in revenue, 16% in net income, and 30% in Adjusted EBITDA.
EVI Industries (NYSE American: EVI) has announced a special cash dividend of $0.31 per share on its common stock, representing a 10% increase from the October 2023 special dividend. The dividend is payable on October 7, 2024 to stockholders of record as of September 26, 2024. CEO Henry M. Nahmad attributed this decision to strong cash flows in fiscal 2024 and positive growth prospects. The company aims to reward long-term investors while maintaining a conservative financial position. EVI's Board of Directors will consider future dividends based on various factors, including investment opportunities, economic conditions, and the company's financial status.
EVI Industries (NYSE American: EVI) reported its financial results for Q4 and fiscal year 2024, highlighting record operating cash flows of $33 million for the year. The company achieved an 8.0% compounded annual organic revenue growth rate over three years. Key fiscal 2024 highlights include:
- Revenue of $353.6 million, flat compared to 2023
- Gross profit increased 2% to a record $105.3 million
- Gross margin improved 50 basis points to a record 29.8%
- Net income of $5.6 million, down from $9.7 million in 2023
- Net debt reduced by 71% to $8.3 million
EVI completed two acquisitions during the year and a third on July 1, 2024. The company's Board declared a special cash dividend of $0.31 per share, a 10% increase from the previous year.
EVI Industries, Inc. (NYSE American: EVI) has announced its participation in the Sidoti September Small-Cap Virtual Conference. Chairman and CEO Henry M. Nahmad will host one-on-one meetings with registered investors on September 18 and 19, 2024. EVI has implemented a successful buy-and-build strategy, acquiring 27 commercial laundry distributors and service providers in North America over the past eight years. The company now operates from over 30 distribution locations in 19 states and exports to Latin America and the Caribbean.
EVI's growth strategy has yielded impressive results, with revenue, net income, and Adjusted EBITDA growing at compounded annual growth rates of 34%, 16%, and 31%, respectively, since 2016. The company continues to focus on long-term growth and shareholder value creation in the commercial laundry industry.
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