EVI Industries Expands into Midwest with Haiges Machinery Acquisition

EVI Industries, Inc. (NYSE American: EVI) has made a strategic move to expand its footprint in the North American commercial laundry distribution and services market by acquiring Huntley, Illinois-based Haiges Machinery, Inc. (Haiges Machinery). This acquisition marks EVI's first entry into the Midwest region and is expected to contribute to the company's long-term growth and profitability.

Haiges Machinery, a distributor of commercial laundry products and provider of related installation and maintenance services, will continue to operate under its existing name, from its existing facility, with all 25 current employees. This approach is customary under EVI's operating model, which aims to maintain operational continuity while driving growth.

EVI's Chairman and CEO, Henry M. Nahmad, commented on the acquisition, stating: "The achievement of our long-term goals requires time, patience, and thoughtful execution. 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. We appreciate the thoughtfulness Robert Haiges, and his family undertook throughout this process. 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."

The acquisition of Haiges Machinery aligns with EVI's long-term growth strategy in several ways:

1. Geographic Diversification: By entering the Midwest region, EVI reduces its dependence on a single geographic area, reducing regional market risks and providing access to new customer bases in a historically stable market.
2. Platform for Further Acquisitions: Establishing a presence in the Midwest region through Haiges Machinery creates a platform for EVI to pursue further bolt-on acquisitions in the area, allowing the company to consolidate its position and expand its market share.
3. Operational Synergies: Integrating Haiges Machinery into EVI's operations may lead to operational synergies through shared resources and best practices, improving efficiency, reducing costs, and enhancing service capabilities.
4. Revenue Growth: EVI expects Haiges Machinery's results of operations to be accretive to its fiscal year ended June 30, 2025, indicating that the acquisition is expected to contribute positively to EVI's revenue growth.

The Midwest expansion through Haiges Machinery contributes to EVI's geographic diversification and risk mitigation strategies by reducing regional market risks, providing access to new customer bases, and creating a platform for further bolt-on acquisitions. This strategic move positions EVI for long-term growth and success in the highly fragmented North American commercial laundry distribution and services market.