EVI Industries Bolsters Northeast US Footprint Via ALCO Washer Center Acquisition
$EVI
Other Consumer Services
Consumer Discretionary
EVI Industries Inc (NYSE:EVI) said it had executed a definitive agreement to acquire New Castle, Pennsylvania-based ALVF, Inc. dba ALCO Washer Center, a distributor of commercial laundry products, for an undisclosed sum.
Through ALCO, EVI looks to increase its customer base and expand its distribution and service footprint in the northeast region of the U.S.
Upon closing, ALCO will join EVI's Northeast Group and continue operating under its current name and location.
The deal represents EVI's twenty-fifth acquisition of a successful family-owned commercial laundry business.
EVI held $4.02 million in cash and equivalents as of March 31, 2023.
Price Action: EVI shares are trading higher by 3.47% at $25.36 on the last check Monday.