EVI Industries, Inc. (EVI) announced Monday said it has agreed to acquire Girbau North America, Inc. from Girbau S.A., a Spanish-based manufacturer of commercial and industrial laundry products.
Henry Nahmad, EVI's Chairman and CEO, commented: "Ten years ago, we embarked on a journey to build the undisputed leader in and around the commercial laundry industry and in doing so, produce attractive returns for our shareholders. Since the implementation of our long-term growth strategy, EVI has grown by more than 12x, completed twenty-nine acquisitions, driven organic growth, set various performance records, sustained solid fundamentals, and more."
Founded in 1995 as a wholly owned master distributor of Girbau, GNA has featured Girbau-manufactured products as the centerpiece of a diverse product offering that also includes products manufactured by third parties.
EVI will pay consideration of about $43 million in cash, which will be funded through EVI's revolving credit facility. Simultaneously with the execution of the definitive agreement, EVI entered into a Commitment Letter with Bank of America primarily to amend the Credit Agreement to increase the amount of the revolving commitments by $50 million (to $150 million) and to increase accordion feature, which may increase the revolving credit facility, by $10 million (to $50 million), for a total of $200 million.
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