EnviroStar to acquire PAC Industries for $12.85M
EVI Industries announced that it entered into a definitive stock purchase agreement to acquire all of the outstanding shares of common stock of PAC Industries for $12.85M, of which $6.4M will be paid in cash, $6.25M in EVI common stock, and $0.2M in an assumed subordinated note. Based in Harrisburg, Pennsylvania, PAC is a prominent distributor of commercial, industrial, and vended laundry products and a provider of related installation and maintenance services to the new and replacement markets of the laundry industry. For the twelve-months ended December 31, 2018, PAC generated approximately $22M in revenue from the sale of equipment, parts, supplies, and related installation and maintenance services. As a member of the EVI family, PAC will gain immediate access to the resources necessary to pursue its planned growth opportunities. Additionally, consistent with EVI's operating philosophy, PAC will operate as a subsidiary of EVI from its present locations, under its existing leadership, and conduct business as it has historically. The transaction is expected to close upon the satisfaction of all customary closing conditions. EVI expects the addition of PAC to be accretive to its fiscal year ended June 30, 2019.