EVI Industries Inc., Miami, announced the completion of its previously announced acquisition of Girbau North America Inc. (GNA), Oshkosh, WI.
The addition of GNA is expected to substantially increase EVI’s market position in the North American commercial laundry industry, expand EVI’s talent base with a core-management team that averages 25 years of industry experience and provide a platform through which EVI may accelerate its market share growth.
For the 12-month period ended Dec. 31, 2024, GNA generated $75 million of revenue, approximately 9.5% operating income and produced a five-year compounded annual growth rate in revenue of 11%. On a pro-forma basis, for the 12-month period ended Dec. 31, 2024, GNA would have contributed to EVI Industries approximately $50 million in net revenue and approximately $7 million in operating income, a 14% and 54% increase in revenue and operating income, respectively.
The companies believe that EVI’s entrepreneurial culture will help GNA’s seasoned leadership team drive sales growth and profitability. It is expected that, consistent with EVI’s buy-and-build growth strategy, GNA will operate on a decentralized basis and continue to be led by its existing management team, who will be empowered to make strategic and operational decisions tailored to the needs of GNA’s distributor customers.
“Across the 30 acquisitions we have made, we have honored our word to the families who have entrusted us with their longstanding businesses, ensuring their names, employees and values are preserved,” said Henry M. Nahmad, EVI’s chairman and CEO. “Along the way, we have created an entrepreneurial culture where each business has made valuable contributions towards our long-term growth goals. We are grateful for the strategic decision the Girbau family made and continue to believe that EVI represents a highly desirable destination for business owners, vendor partners, and professionals who share our values and principles and who seek to be a part of one of the industry’s fastest growing and most exciting companies.”
Through GNA, EVI will continue to promote the sale of Girbau-manufactured products across GNA’s longstanding distributor network. Additionally, GNA may expand its product offerings to include new OEM representations and sell additional parts, supplies and other complementary products.
To read the full release, click here.
Sign Up For Our Newsletter
Receive the latest updates on the linen, uniform and facility services industry from TRSA delivered straight to your inbox.
