EVI Industries acquires Girbau North America for $43M cash in accretive deal

EVI Industries (EVI) announced that it has executed a definitive agreement to acquire Oshkosh, WI based Girbau North America, from Girbau a Spanish-based and globally recognized leader in the manufacture of commercial and industrial laundry products. Henry Nahmad, EVI’s Chairman and CEO, commented: …we entered a distribution relationship with Girbau, through GNA, that has been pivotal to each companies’ growth. Amid our mutual success, we cultivated a relationship with the Girbau family founded on trust and confidence, which provided a solid foundation to enter this transaction and a long-term distribution relationship.” Merce Girbau, Chair and CEO of Girbau commented: ” The acquisition of GNA is expected to expand EVI’s reach to include GNA’s broad network of distributor customers and enhance EVI’s functional support capabilities with GNA’s experienced team of laundry professionals. EVI will pay consideration of approximately $43M in cash, subject to customary purchase price adjustments, which will be funded through EVI’s revolving credit facility.