EVI Industries Bundle
What is the history of EVI Industries?
EVI Industries is a key player in the commercial laundry and dry cleaning equipment sector. It is the only U.S. public company focused solely on this niche market.
Founded in 1959 as Steiner Atlantic Corp., the company aimed to be a premier supplier and servicer of vital equipment for various industries. Its strategic growth has established it as a significant force.
What is Brief History of EVI Industries Company?
The company's history began in 1959 with the establishment of Steiner Atlantic Corp., setting the stage for its future growth. EVI Industries has since evolved into a leading provider of equipment and services for industrial laundries, textile rental firms, and sectors like hospitality and healthcare. Its expansion strategy, particularly since 2016, has involved acquiring complementary businesses, strengthening its position as a value-added distributor and technical service provider. This approach has allowed EVI Industries to offer a comprehensive suite of solutions, including equipment sales, leasing, installation, and maintenance, making it a go-to resource for businesses requiring specialized laundry solutions. For a deeper dive into the external factors influencing the company, consider an EVI Industries PESTEL Analysis.
What is the EVI Industries Founding Story?
The EVI Industries company history began in 1959 with the establishment of Steiner Atlantic Corp., which served as the initial distribution company. This foundational business identified a significant need for specialized commercial laundry and dry cleaning equipment, along with dependable service, across various institutional and industrial sectors. The early focus was on distributing and servicing this essential equipment, supporting businesses reliant on efficient laundry operations.
EVI Industries Founding Story
The EVI Industries background traces its roots to 1959, starting as Steiner Atlantic Corp. The company's inception was driven by a clear market need for specialized commercial laundry and dry cleaning equipment and services. This period saw the company lay the groundwork for its future growth and evolution.
- Founded in 1959 as Steiner Atlantic Corp.
- Initial focus on distribution and servicing of commercial laundry equipment.
- Addressed critical needs in institutional and industrial sectors.
- Established a foundation for future EVI Industries company developments.
The EVI Industries company timeline saw a significant corporate restructuring when it went public in 1998. A transformative period began in 2015 with Henry M. Nahmad's acquisition of control, leading to his assumption of the President and CEO roles. This marked a new phase characterized by ambitious growth strategies and key acquisitions, fostering an entrepreneurial spirit, financial prudence, and a decentralized management approach to empower local leadership within acquired businesses. The mid-20th century's industrial expansion and heightened demand for specialized equipment provided the backdrop for the company's creation and its initial specialization in commercial laundry solutions, aligning with the Mission, Vision & Core Values of EVI Industries.
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What Drove the Early Growth of EVI Industries?
Following its founding in 1959 and going public in 1998, EVI Industries embarked on a significant growth trajectory, particularly accelerating its expansion strategy after Henry M. Nahmad assumed control in 2015. Since 2016, the company has welcomed thirty businesses into the EVI family, strategically acquiring successful, family-owned businesses to expand its footprint and service capabilities.
Strategic Acquisition Approach
Since 2016, EVI Industries has adopted a 'buy-and-build' strategy, integrating approximately thirty businesses. This approach focuses on acquiring successful, family-owned companies to broaden its market reach and service capabilities.
Key Acquisitions and Expansion Milestones
Notable acquisitions include Western State Design (2016), Tri-State Technical Services and Martin-Ray Laundry Systems (2017), and Worldwide Laundry and AAdvantage Laundry Systems (2018). The expansion continued with Yankee Equipment Systems (2020) and Eastern Laundry Systems (2021).
Recent Growth and Financial Performance
The company's growth momentum continued with the acquisition of Laundry Pro of Florida in June 2024, marking its 27th industry acquisition, followed by O'Dell Equipment and Supply in November 2024. EVI Industries reported revenue of $353.56 million for the fiscal year ended June 30, 2024.
Future Growth Drivers and Market Focus
For the nine-month period ended March 31, 2025, revenue increased 6% to a record $280 million. The company is building density in geographic markets to enhance customer service and capitalize on new opportunities, supported by investments in sales and service personnel, aligning with its Target Market of EVI Industries.
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What are the key Milestones in EVI Industries history?
The EVI Industries company has marked its EVI Industries history through strategic acquisitions and a dedication to technological advancement, navigating market shifts effectively. Its business growth accelerated significantly from 2016 onwards, driven by a focused acquisition strategy in the commercial laundry sector. A pivotal moment in its EVI Industries evolution was the March 2025 acquisition of Girbau North America for approximately $43 million, representing its 30th and largest acquisition to date. This move was projected to boost net revenue by $50 million and operating income by $7 million for the twelve months ending December 31, 2024, signifying a substantial 14% revenue and 54% operating income increase.
| Year | Milestone |
|---|---|
| 2016 | Began systematic acquisition of commercial laundry distribution and service businesses. |
| March 2025 | Acquired Girbau North America for approximately $43 million, its 30th and largest acquisition. |
| March 31, 2025 | Substantially completed field service technology implementation and surpassed digital commerce solution development milestones. |
EVI Industries has been actively investing in technology to modernize its operations and boost efficiency. The company has made significant strides in implementing its field service technology and advancing its digital commerce solution, aiming to create a unified, data-driven infrastructure across its acquired entities.
Field Service Technology Implementation
EVI Industries has substantially completed the implementation of its field service technology, aiming to streamline operations and optimize service delivery.
Digital Commerce Solution Development
The company surpassed planned milestones in the development and deployment of its digital commerce solution by March 31, 2025.
Industry Alignment with Innovation
EVI's innovation strategy aligns with industry trends such as energy-efficient machines, IoT integration, automation, and water recycling systems.
Despite its growth trajectory, EVI Industries has encountered financial headwinds, including revenue and earnings fluctuations. The company faced a slight revenue decrease of 0.17% to $353.56 million and a significant earnings drop of 42.19% to $4.93 million in fiscal year 2024 compared to the previous year.
Revenue and Earnings Volatility
Fiscal year 2024 saw a minor dip in revenue and a more substantial decrease in earnings, presenting a challenge to consistent financial performance.
Managing Market Dynamics
The company navigates competitive pressures and market dynamics through its disciplined 'buy-and-build' strategy and ongoing technology investments.
Maintaining Liquidity and Cash Flow
Strong operating cash flows of $9.1 million for the quarter ending March 31, 2025, and over $175 million in liquidity as of the same date demonstrate resilience.
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What is the Timeline of Key Events for EVI Industries?
The EVI Industries company history is a narrative of strategic expansion and key acquisitions, tracing its roots back to 1959 with the founding of Steiner Atlantic Corp. The company's evolution accelerated significantly after going public in 1998, and particularly since 2015 when Henry M. Nahmad took the helm, ushering in a period of aggressive growth. This journey includes numerous strategic acquisitions, solidifying its position in the commercial laundry sector.
| Year | Key Event |
|---|---|
| 1959 | The original distribution company, Steiner Atlantic Corp., was founded. |
| 1998 | EVI Industries went public. |
| 2015 | Henry M. Nahmad acquired control and became President and CEO, initiating a new growth phase. |
| 2016 | The company began an aggressive 'buy-and-build' strategy with the acquisition of Western State Design. |
| 2020 | EVI Industries expanded its presence in the Southeast U.S. by acquiring Yankee Equipment Systems and Laundry Systems of Tennessee, among other entities. |
| 2022 | By May, the company had completed 19 acquisitions, including Clean Designs, Clean Route, Laundry South Systems, and Repair. |
| June 2024 | EVI Industries acquired Laundry Pro of Florida, marking its 27th acquisition. |
| November 2024 | The acquisition of O'Dell Equipment and Supply was completed. |
| January 2025 | Haiges Machinery was acquired by the company. |
| March 2025 | A definitive agreement was reached to acquire Girbau North America (GNA) for $43 million, representing the company's 30th and largest acquisition to date. |
| April 1, 2025 | The acquisition of GNA was successfully completed. |
| March 31, 2025 | EVI Industries reported record Q3 fiscal year 2025 revenue of $93.5 million, an 11% year-over-year increase, and a net income of $1.0 million. |
| March 31, 2025 | For the nine-month period, the company reported revenue of $280 million, a 6% increase, and a net income of $5.4 million. |
| March 2025 | The company amended its revolving credit facility, increasing total potential availability to $200 million and extending the maturity date to March 2030, while maintaining over $175 million in available liquidity. |
| August 4, 2025 | EVI Industries completed the acquisition of ASN Laundry Group, its 31st acquisition. |
Strategic Growth Through Acquisitions
EVI Industries has consistently pursued a 'buy-and-build' strategy, evidenced by its numerous acquisitions. This approach has significantly expanded its market reach and service capabilities.
Financial Strength and Expansion
Recent financial reports indicate strong performance, with record Q3 fiscal year 2025 revenues and a bolstered credit facility. This financial health supports ongoing expansion efforts.
Future Growth Drivers
The company is focused on scaling operations, expanding its customer base both organically and through acquisitions, and modernizing its platform. This aligns with the projected growth of the commercial laundry market.
Industry Trends and Positioning
With the commercial laundry market expected to grow at a CAGR of 5.2% through 2034, EVI Industries is well-positioned. Investments in technology and digital solutions will help it capitalize on demand in sectors like hospitality and healthcare, reinforcing its role as a comprehensive solutions provider.
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