EVI Industries, Inc. (NYSE American: EVI) (“EVI” or the “Company”) announced record results in key performance measures for the three and six months ended December 31, 2022, and provided commentary on growth initiatives, technology deployments, and financial strength.
As a result of the consistent execution of its long-term focused buy-and-build growth strategy, the promotion of an entrepreneurial culture, and the benefits derived from investments in technology, EVI has established itself as a leading distributor and service provider in the highly fragmented North American commercial laundry industry. Since the commencement of its long-term growth strategy, the Company has grown from one business operating from a single location in the state of Florida to twenty-four businesses operating from 34 locations across 19 states. In addition, the Company has been building its business through organic growth initiatives with a focus on enhancing its customer value proposition by offering a wider array of products, increasing the availability and quality of highly trained sales professionals, and installation and service technicians, and improving customer support. The Company has also made significant investments in the deployment of advanced technologies aimed to drive operating efficiencies and provide management improved business intelligence to support future investments. As a result, since 2016, revenue, net income and adjusted EBITDA have grown at compounded annual growth rates (CAGR) of 39%, 23% and 34%, respectively, reflecting strong performance amid consistent investment in buying and building businesses.
Henry M. Nahmad, EVI’s Chairman and CEO commented: “EVI is a collection of ambitious people, bound by an entrepreneurial culture and core values, focused on winning. That is our formula for success. In 2015, we embarked on a long-term journey to build the undisputed leader in and around the commercial laundry industry and in doing so, produce attractive returns for our shareholders. Today’s