MIAMI — EVI Industries Inc. reports that it has executed a definitive agreement to acquire Huntley, Illinois-based Haiges Machinery Inc., a distributor of commercial laundry products and a provider of related installation and maintenance services that includes an experienced team of laundry professionals with longstanding customer relationships.
“We appreciate the thoughtfulness Robert Haiges and his family undertook throughout this process,” says Henry M. Nahmad, EVI’s chairman and CEO. “We are pleased to welcome the Haiges Machinery team to the EVI family, and we look forward to their valuable contributions over the long term.”
Haiges Machinery is EVI’s first acquisition in the Midwest region of the United States.
The transaction is expected to close upon the satisfaction of customary closing conditions. EVI expects Haiges Machinery’s results of operations to be accretive to its fiscal year ending June 30. Consideration for the purchase of Haiges Machinery is to be paid in cash.
As is customary under EVI’s operating model, Haiges Machinery will operate under its existing name, from its existing facility, with all 25 current employees, and continue to represent the company’s long-term and loyal supplier partners.
Upon completion of the Haiges Machinery acquisition, EVI says it will have acquired 29 commercial laundry businesses, continuing to be the fastest-growing and only listed company devoted to the North American commercial laundry distribution and services industry.
“The achievement of our long-term goals requires time, patience and thoughtful execution,” says Nahmad.
“Our operating philosophy is a natural fit for entrepreneurs and industry professionals who seek to build their company and careers as part of a broad family with common goals, principles and values.”
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