EVI Industries, Inc. completed the acquisition of substantially all assets and certain liabilities of Eastern Laundry Systems Inc.
January 15, 2021
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EVI Industries, Inc. (AMEX:EVI) entered into a definitive purchase agreement to acquire substantially all assets and certain liabilities of Eastern Laundry Systems Inc for $0.81 million on December 17, 2020. Under the terms of the agreement, the total consideration for the transaction consisted of $0.4 million in cash, net of $0.057 million of cash acquired, and the issuance of 10,726 shares of EVI Industries's common stock. The transaction is expected to close upon the satisfaction of closing conditions. EVI Industries funded the cash consideration for the acquisition with credit facility borrowings.
EVI Industries, Inc. (AMEX:EVI) completed the acquisition of substantially all assets and certain liabilities of Eastern Laundry Systems Inc on January 15, 2021. David Cabral and his team at Eastern Laundry Systems to join the EVI Industries, Inc.
EVI Industries, Inc., through its wholly owned subsidiaries, is a value-added distributor and a provider of advisory and technical services. 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 Companyâs robust network of commercial laundry technicians, it provides its customers with installation, maintenance, and repair services. It provides its suite of products and services to the replacement and new construction markets for commercial, industrial, vended, and route laundry applications. Its customers include retail, commercial, industrial, institutional, and government customers.
EVI INDUSTRIES, INC. 
