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Evi Industries Completes Acquisition Of Express Parts And Services

Jun 06, 2023over 2 years ago

Acquiring Company

EVI Industries

Acquired Company

hiline

MiamiSyracuseHardwareSoftwareCommerce And ShoppingAccounting

Description

EVI Industries, Inc. (NYSE American: “EVI” or the “Company”) announced today that it simultaneously executed a definitive asset purchase agreement and completed the acquisition of Express Parts and Services (“EXP”), a distributor of commercial laundry products and a provider of related technical installation and maintenance services based in Sykesville, Maryland. The addition of EXP increases EVI’s presence and market share in the state of Maryland and will enable the Company to provide increased customer service throughout the region.

Company Information

Company

EVI Industries

Location

Miami, Florida, United States

About

EVI Industries, Inc., through its wholly-owned subsidiaries, is a distributor that generates revenues by selling, leasing or renting, through its extensive sales organization, commercial, industrial and vended laundry, dry-cleaning, and material handling equipment, steam and hot water boilers, water reuse and filtration systems, chemical supplies and related replacement parts and accessories. Additionally, EVI designs, plans, and installs turn-key laundry, dry cleaning, boiler, and water filtration systems and provides maintenance services through its robust technical service organization. EVI’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 installation and maintenance services. EVI believes that the increase in equipment sales provides a strong foundation for EVI to further strengthen its customer relationships, including that they may in the future result in higher gross margin opportunities from the sale of parts, accessories, supplies, and technical services related to the equipment.

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M&A Insights

Based on deal data
Integration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed