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EVI Industries, Inc. reports news on its commercial laundry distribution and service business in North America. The company sells, leases, installs, maintains and repairs commercial laundry equipment used in washing, drying, finishing, material handling, water heating, power generation and water reuse applications.
Recurring updates cover operating results, its buy-and-build acquisition strategy, completed acquisitions such as Belenky and ASN Laundry Group, technology and operating-system investments, OEM representation, balance-sheet and dividend actions, and investor conference participation. News also describes how acquired distributors continue to operate within EVI’s commercial laundry service network.
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.
EVI Industries (NYSE American: EVI) has announced its participation in the Jefferies Industrials Conference on September 5, 2024. Chairman and CEO Henry M. Nahmad will present and host one-on-one meetings at the event. EVI, a commercial laundry equipment distributor and service provider, has been executing a successful buy-and-build strategy, acquiring 27 companies in North America over the past eight years. The company now operates from over 30 distribution locations across 19 states and exports to Latin America and the Caribbean.
EVI's growth strategy has yielded impressive results, with compounded annual growth rates since 2016 of 34% in revenue, 16% in net income, and 31% in Adjusted EBITDA. The company's extensive sales and service organization specializes in planning, designing, selling, installing, and maintaining various types of laundry operations, including industrial, on-premise, vended, and route laundries.
EVI Industries announced the completion of its acquisition of Laundry Pro of Florida, marking EVI's 27th acquisition in the commercial laundry distribution sector and its 11th in the Southeast U.S. region.
This acquisition aligns with EVI's buy-and-build strategy, which focuses on partnering with influential leaders, retaining leadership teams, fostering company culture, and driving growth through collaborative innovation. EVI aims to achieve aggressive growth plans by creating an ownership culture and motivating teams with long-term equity incentives.
EVI Industries (NYSE American: 'EVI') announced its acquisition of Laundry Pro of Florida, a commercial laundry distributor and service provider based in Lakeland, FL. This acquisition strengthens EVI's market presence in Florida, adding a team with strong customer relationships and valuable product lines.
Laundry Pro generated approximately $12 million in revenue for the twelve months ending May 31, 2024. As part of EVI's operating model, Laundry Pro will retain its name and team to ensure continuity.
This acquisition marks EVI's 27th in the commercial laundry sector since 2016. The transaction, expected to close following customary conditions, will be paid in cash. EVI anticipates that Laundry Pro will contribute positively to its fiscal year ending June 30, 2025.