StockNews.AI
EVI
StockNews.AI
197 days

EVI Industries Completes Acquisition of Haiges Machinery

1. EVI completed acquisition of Haiges Machinery, its first in the Midwest. 2. This marks EVI's 29th acquisition in the commercial laundry industry. 3. EVI's strategy focuses on partnering with strong businesses and empowering leaders. 4. The acquisition may face integration risks and uncertainty about future earnings. 5. Forward-looking statements indicate potential risks affecting EVI's performance.

M&A
-0.46%Current Return
VS
-0.37%S&P 500
$17.5702/03 02:47 PM EDTEvent Start
$17.4902/03 08:08 PM EDTLatest Updated
6m saved
Insight
Article

FAQ

Why Bullish?

Acquisitions can enhance market presence and growth potential, as seen with past acquisitions boosting stock performance.

How important is it?

The acquisition directly affects EVI's growth trajectory and market strategy, crucial for investors.

Why Short Term?

Immediate market reaction to acquisitions often reflects speculation about performance improvements in the near term.

Related Companies

EVIHGM
MIAMI--(BUSINESS WIRE)--EVI Industries, Inc. (NYSE American: “EVI” or the “Company”) announced today that it completed the previously announced acquisition of Huntley, Illinois based Haiges Machinery, Inc. (“Haiges Machinery”). Haiges Machinery is the Company’s 29th acquisition in the commercial laundry distribution and service industry and the first (1st) in the Midwest region of the United States. 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. About EVI Industries EVI Industries, Inc., through its wholly owned subsidiaries, is a value-added distributor and a provider of advisory and technical services. Through its vast sales organization, the Company provides its customers with planning, designing, and consulting services related to their commercial laundry operations. The Company sells and/or leases its customers commercial laundry equipment, specializing in washing, drying, finishing, material handling, water heating, power generation, and water reuse applications. In support of the suite of products it offers, the Company sells related parts and accessories. Additionally, through the Company’s robust network of commercial laundry technicians, the Company provides its customers with installation, maintenance, and repair services. The Company’s customers include retail, commercial, industrial, institutional, and government customers. Purchases made by customers range from parts and accessories to single or multiple units of equipment, to large complex systems as well as the purchase of the Company’s installation, maintenance, and repair services. Forward-Looking Statements Except for the historical matters contained herein, 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, or industry trends and results, to differ from the 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 Haiges Machinery may not be accretive to EVI’s earnings or otherwise have a positive impact on EVI’s operating results or financial condition to the extent anticipated or at all, integration risks, risks related to the business, operations, and prospects of Haiges Machinery and EVI’s plans with respect thereto. Reference is also made to other economic, competitive, governmental, technological and other risks and factors discussed in EVI’s filings with the Securities and Exchange Commission, including, without limitation, those disclosed in the “Risk Factors” section of EVI’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024, filed with the SEC on September 12, 2024, as amended by its Annual Reports on Form 10-K/A for the fiscal year ended June 30, 2024, filed with the SEC on September 13, 2024 and October 25, 2024. Many of these risks and factors are beyond EVI’s control. In addition, past performance and perceived trends may not be indicative of future results. EVI cautions that the foregoing factors are not exclusive. The reader should not place undue reliance on any forward-looking statement, which speaks only as of the date made. EVI does not undertake to, 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, except as may be required by law.

Related News