EVI Industries To Acquire Sudsies

EVI Industries

15.85 USD -5.32%

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(RTTNews) - EVI Industries, Inc. (EVI), a commercial laundry distribution and services company, on Monday agreed to acquire privately held Sudsies, Inc. as it expands into the consumer garment care services industry.

The company said the transaction is expected to close promptly and is expected to be accretive to earnings for the fiscal year ending June 30, 2027.

The company said that the acquisition will establish its new consumer garment care division.

The division marks its first dedicated expansion beyond the commercial laundry distribution and service industry since 2016.

Sudsies was founded in Miami in 1996 and provides garment care services to individual consumers and luxury retail partners and is expected to serve as the foundation of the company's new division.

For the 12 months ended June 30, Sudsies generated approximately $21.7 million in revenue, $4.7 million in operating income, and $5.7 million in EBITDA.

Over the five-year period ended June 30, Sudsies grew revenue at a compound annual growth rate of approximately 21%, while operating income and EBITDA increased at compound annual growth rates of approximately 36% and 62%, respectively.

On Friday, EVI Industries closed trading 2.94% lesser at $16.52 on the New York Stock Exchange.