EVI Industries Inc (EVI) News & EventsEVIEVI Industries Inc

EVI Industries Acquires Sudsies to Expand into Garment Care Services

EVI Industries plans to expand into the consumer garment care services industry through the establishment of a new division. In connection with these plans, the Company has entered into a definitive agreement to acquire Miami, Florida-based Sudsies, Inc. This planned expansion is based on management's belief that consumer garment care represents a compelling long-term opportunity and would mark EVI's first dedicated expansion beyond the commercial laundry distribution and service industry since the Company began executing its long-term growth strategy in 2016. EVI has entered into a definitive agreement to acquire Sudsies, an operator in the garment care sector. It is expected that, upon completion of the transaction, Sudsies would become the foundation of EVI's new consumer garment care division. The company said, "Founded in Miami in 1996 by Jason Loeb and Jorge Baboun, Sudsies has become one of South Florida's premier garment care businesses, trusted by a dense base of individual consumers and luxury retail partners with the care of high-value, technically complex garments - a growing share of today's luxury apparel market. Its service model treats every item individually, using processes designed to preserve fabric, structure, color, and finish. What sets Sudsies apart is the combination of strengths behind that service. It is a sophisticated marketer, with a distinctive brand and a data-driven, digitally native approach to customer acquisition and engagement that few in garment care can match. It operates an integrated logistics and delivery capability - a dedicated fleet and a technology-enabled, account-dedicated pickup-and-delivery operation built to scale. And it pairs deep craft with a relentless service focus. Together, these have produced what few in the industry have: a proven, repeatable playbook for winning the modern luxury consumer, and the strong loyalty, retention, and recurring revenue that management believes is difficult to replicate." For the twelve months ended June 30, Sudsies generated revenue of approximately $21.7M, operating income of approximately $4.7M, and EBITDA of approximately $5.7M. Over the five-year period from July 1, 2021 through June 30, Sudsies grew revenue at a compound annual growth rate of approximately 21%, while expanding operating income and EBITDA at compound annual growth rates of approximately 36% and 62%, respectively. Consistent with EVI's operating philosophy, upon completion of the transaction, Sudsies would continue to operate under its established brand and be led by its founder, Jason Loeb, while serving as the foundation on which EVI intends to build a consumer garment care services division of national scale.

EVI Reports Q3 Revenue of $101.1M, Below Estimate

Reports Q3 revenue $101.1M, one estimate $111.3M. The company states: "As EVI's enterprise has expanded, management's focus has increasingly shifted toward operational optimization across the enterprise. The Company has substantially completed the deployment of its ERP system, field service platform, and business intelligence capabilities, which management believes provide the operational visibility and data-driven insight necessary to support a new phase focused on process improvement, operational coordination, and enterprise-wide efficiency initiatives. Management aims to improve coordination both upstream with manufacturers and supply chain partners and downstream with customers in an effort to reduce operational redundancies, increase labor utilization, enhance customer responsiveness, improve inventory efficiency, and create additional opportunities to expand market share and repeat customer purchasing activity over time. Management believes these initiatives position EVI to improve operating leverage, profitability, and long-term cash flow generation as the enterprise continues to mature. While revenues for the third fiscal quarter were adversely affected by disruptions associated with severe weather conditions and delays in customer facility readiness, delivery, and installation schedules, EVI nonetheless delivered record revenues for both the three and nine-month periods ended March 31, 2026, reflecting the Company's expanded operating enterprise, contributions from acquired businesses, and continued market share gains. During the quarter, the Company also continued advancing operational modernization and process improvement initiatives focused on customer experience, coordination, working capital efficiency, and scalable infrastructure. Management believes these initiatives are strengthening EVI's operating foundation and positioning the enterprise to improve long-term operating leverage, repeat customer revenue generation, and profitability."