U.S. EVI Industries to purchase PAC Industries for $12.85 million

U.S. commercial laundry and dry cleaning equipment distributor EVI Industries Inc. has entered into a definitive stock purchase agreement to purchase all of the outstanding shares of common stock of peer PAC Industries, Inc. for $12.85 million.

Following the acquisition, PAC will gain immediate access to the resources necessary to pursue its planned growth opportunities.

For the past year, PAC Industries reported about $22.0 million in revenue from the sale of equipment, parts, supplies, and related installation and maintenance services.

EVI Industries expects the purchase of PAC to be accretive to its fiscal year ended June 30, 2019. The deal is expected to be completed upon the satisfaction of all customary closing conditions.