EVI Industries To Acquire ALCO Washer Center; No Financial Terms Disclosed
EVI Industries, Inc. (NYSE:EVI) announced today that it executed a definitive agreement to acquire New Castle, Pennsylvania based ALVF, Inc. dba ALCO Washer Center ("ALCO"), a distributor of commercial laundry products and a provider of related technical installation and maintenance services to the on-premise and vended laundry segments of the commercial laundry industry. Through ALCO, EVI increases its customer base and expands its distribution and service footprint in the northeast region of the United States.
Upon closing, ALCO will join EVI's Northeast Group. Consistent with EVI's operating philosophy, ALCO will continue to operate under its current name and from its present location, and have the full extent of EVI's resources with which to execute on various growth opportunities in its region. The successful completion of the ALCO acquisition will represent EVI's twenty-fifth (25th) acquisition of a successful family owned commercial laundry business. As a result of its successful acquisition program and various organic growth initiatives, EVI continues to be the fastest growing and only listed company devoted to the North American commercial laundry distribution and service industry.
The transaction is expected to close upon the satisfaction of customary closing conditions.
EVI's Buy and Build Philosophy
Key components of EVI's buy-and-build strategy include:
- Identify and partner with great businesses led by influential leaders,
- Retain the leadership team, honor the company culture and empower them,
- Collaborate on new and transformative ideas to foster a spirit of growth and innovation,
- Pursue aggressive growth plans and help the leadership team achieve their goals, and
- Create an ownership culture by motivating the team with long-term equity.
Mr. Nahmad commented: "We believe that the thoughtful execution of our buy-and-build growth strategy has earned us a positive reputation in and around the commercial laundry industry, including among owners of quality businesses. We remain very active in the pursuit of additional investments in other great businesses and given our record, reputation, and appetite for significant growth, EVI is well-positioned to capitalize on a growing number of opportunities."