EVI Industries, Inc. (EVI): History, Ownership, Mission, How It Works & Makes Money

How does a specialty distributor in a fragmented market like commercial laundry equipment manage to deliver high-impact growth? EVI Industries, Inc. is a fascinating case study, reporting a record fiscal year 2025 with revenue climbing to nearly $390 million and net income surging by 33% to $7.5 million through its disciplined 'buy-and-build' strategy. You're probably wondering how they translate equipment distribution and service into that kind of bottom-line performance, especially after completing four major acquisitions in a single year, including their largest ever with Girbau North America, Inc. We'll break down the history, the ownership structure-including major institutional holders like BlackRock, Inc. and Vanguard Group Inc.-and the mechanics of a business model that defintely works.

EVI Industries, Inc. (EVI) History

EVI Industries, Inc. is defintely a story of a long-standing, essential service business that found a new gear through a disciplined, modern acquisition strategy. The company's current form is less about its 1959 origins and much more about the transformative shift that began in 2015, which turned a single-location distributor into the undisputed leader in North American commercial laundry distribution.

Given Company's Founding Timeline

Year established

The original distribution company, Steiner Atlantic Corp, was founded in 1959.

Original location

The company's roots and current corporate headquarters are in Miami, Florida.

Founding team members

While the specific original founders of Steiner Atlantic Corp are not publicly detailed, the company's modern trajectory is defined by Chairman and CEO Henry M. Nahmad, who acquired a controlling interest in March 2015. He is considered the architect of the current 'buy-and-build' strategy.

Initial capital/funding

Details on the initial capital for the 1959 founding are not publicly disclosed. The company's first major public funding event was its 1998 initial public offering (IPO). Since the 2015 transformation, the company has funded its growth primarily through operating cash flow and a low-leverage balance sheet, deploying $46.9 million across strategic acquisitions in fiscal 2025 alone.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The single most transformative decision was the shift to a decentralized, founder-led, buy-and-build model starting in 2015. This wasn't just about buying companies, but keeping the original entrepreneurs and their local brands intact, which is smart. It's a model that has delivered a compounded annual growth rate (CAGR) of 30% in revenue since 2016.

Fiscal year 2025 was a defining year, as the CEO stated. You can see the results in the numbers, plus the strategic moves set the stage for the next phase of growth. Here's the quick math on that year's success:

• Revenue hit a record $390 million, a 10% increase year-over-year.
• Net income rose 33% to $7.5 million.
• Completed four acquisitions, including the Continental Laundry Solutions deal.
• Expanded the new field service platform to 27 business units, modernizing operations.

What this estimate hides is the power of their organic growth, which maintained a strong 7% compounded annual growth rate, even with all the acquisitions. This shows the core business is healthy, plus the acquisitions are being integrated well. If you want to dig deeper into the company's guiding principles, you can review their Mission Statement, Vision, & Core Values of EVI Industries, Inc. (EVI).

EVI Industries, Inc. (EVI) Ownership Structure

The ownership structure of EVI Industries, Inc. is highly concentrated, with a significant majority of shares held by insiders, which gives the management team substantial control over the company's long-term strategy and operations.

This structure, where executives and regional leaders collectively own more than 60% of the Company, is a deliberate design that allows management to focus on long-term value creation through its buy-and-build strategy without the typical pressures of short-term public market demands.

EVI Industries, Inc.'s Current Status

EVI Industries, Inc. is a publicly traded company, listed on the NYSE American exchange under the ticker symbol EVI.

As of November 2025, the company had 12,844,419 shares of common stock outstanding, reflecting its status as a smaller reporting company in the public market.

The company's financial performance for the fiscal year ended June 30, 2025, was strong, with revenue reaching $390 million and net income at $7.5 million, underscoring the success of its acquisition and organic growth strategy.

EVI Industries, Inc.'s Ownership Breakdown

The company's control rests firmly with its internal stakeholders, a key characteristic that differentiates it from many widely-held public companies. This high insider ownership is a defintely a factor in its operational autonomy.

For example, CEO Henry M. Nahmad is the largest individual shareholder, owning approximately 34.58% of the company's stock, which is currently valued at about $97.84 million.

EVI Industries, Inc.'s Leadership

The leadership team is founder-led and highly experienced, with several key executives having been with the company since the inception of the current growth strategy in 2015/2016, or being founders of acquired businesses.

This stability and deep industry knowledge are crucial for executing the company's disciplined acquisition model. You can read more about what drives this team in the Mission Statement, Vision, & Core Values of EVI Industries, Inc. (EVI).

• Henry M. Nahmad: Chairman, President, and Chief Executive Officer (CEO). He has led the company since acquiring a controlling interest in March 2015.
• Robert H. Lazar: Chief Financial Officer (CFO). He has served in this role since December 2016, bringing extensive finance and accounting experience from his time at Steiner Leisure Limited.
• Tom Marks: Executive Vice President, Business Development. He also serves as the President of the Western Laundry Group, a role he has held since October 2016.
• Dennis Mack: Executive Vice President of Corporate Strategy and Director. He joined the executive team in October 2016 following the acquisition of Western State Design.

The board of directors includes independent members like David Blyer and Glen Kruger, but the clear majority control by the executive team is the dominant factor in governance.

EVI Industries, Inc. (EVI) Mission and Values

EVI Industries, Inc. is fundamentally committed to building the undisputed market leader in commercial laundry distribution, not just maximizing quarterly earnings. This focus is backed by a disciplined, long-term acquisition strategy and a core set of values that prioritize entrepreneurship and financial strength.

Given Company's Core Purpose

You're looking at what drives the machine beyond the balance sheet, and honestly, EVI's mission is a clear roadmap: dominate the commercial laundry equipment space by being the best solution provider and the best acquirer. They don't just sell washers and dryers; they sell operational efficiency to essential industries like healthcare and hospitality.

Official mission statement

The company's mission centers on delivering innovative commercial laundry and dry-cleaning equipment and solutions. This is a two-part approach-first, be a comprehensive solutions provider, and second, grow by integrating complementary businesses. It's a classic 'buy-and-build' strategy (a long-term growth model focused on acquisitions) that delivered record results in the last fiscal year, with revenue hitting a record $390 million for FY2025.

• Provide comprehensive commercial laundry equipment solutions.
• Distribute high-quality industrial washing and drying equipment.
• Offer specialized aftermarket parts and service support.
• Strengthen market position by acquiring and integrating complementary businesses.

Vision statement

The vision is straightforward and authoritative: to build the undisputed leader in and around the North American commercial laundry distribution and service industry. This is a long-term, capital-intensive goal, and the numbers show the commitment: Net Income for FY2025 surged 33% to $7.5 million, reflecting the success of their disciplined growth model.

• Become the undisputed leader in the commercial laundry distribution and service industry.
• Drive technological advancement in commercial laundry solutions, including smart equipment and energy efficiency.
• Sustain financial strength through disciplined investing and conservative balance sheet management.

If you want to dig deeper into the ownership structure that supports this vision, you can check out Exploring EVI Industries, Inc. (EVI) Investor Profile: Who's Buying and Why?

Given Company slogan/tagline

While a snappy, consumer-facing slogan isn't the priority for a B2B (business-to-business) distributor, EVI Industries, Inc. uses a phrase that captures their operating philosophy and culture.

• Guided by Values and Principles, Powered by Entrepreneurship.

Here's the quick math on their core values in action: they focus on a long-term perspective, which means they're willing to take on debt for strategic acquisitions. For example, they deployed $46.9 million across acquisitions during fiscal 2025, which drove their net debt up to $44.1 million as of June 30, 2025. That's a defintely a trade-off for future growth, not a short-term play.

• Long-Term: Invest and manage with a multi-year perspective.
• Financial Strength: Uphold discipline to ensure flexibility and stability.
• Entrepreneurial: Respect and empower the founders of acquired businesses.
• Decentralized: Empower local leaders to make local decisions.
• Ownership Culture: Incentivize performance with equity participation.

EVI Industries, Inc. (EVI) How It Works

EVI Industries, Inc. operates as a value-added distributor and service provider, essentially acting as the critical link between manufacturers of commercial laundry equipment and the businesses that rely on heavy-duty washing, drying, and finishing systems. The company makes money through a dual-stream model: the sale and leasing of equipment, and the recurring, high-margin revenue from parts, installation, maintenance, and advisory services.

EVI Industries, Inc.'s Product/Service Portfolio

EVI Industries, Inc.'s Operational Framework

The core of EVI Industries' operation is its disciplined, long-term 'buy-and-build' growth strategy, which has been the primary driver of its expansion. The company focuses on acquiring established, often family-owned, commercial laundry distribution and service businesses across North America, and then building on their success.

Here's the quick math: this strategy helped EVI Industries achieve a record revenue of approximately $390 million in fiscal year 2025, a 10% increase over the prior year.

• Buy Component: Identify and acquire complementary businesses, like the significant acquisition of Girbau North America (now Continental Laundry Solutions) in fiscal 2025, to expand geographic footprint and service capabilities.
• Build Component: Post-acquisition, the company encourages growth by adding new product lines, expanding sales teams, investing in scalable technologies, and providing access to its centralized capital resources and established Original Equipment Manufacturer (OEM) relationships.
• Service-Driven Value: The company uses a proprietary field service technology, substantially completed in fiscal 2025, to equip technicians, streamline dispatch, and improve customer responsiveness, which is a foundational element for future equipment sales.
• Digital Transformation: Significant investment in developing and deploying a digital commerce solution (e-commerce platform) to enhance customer experience and operational efficiency, surpassing planned milestones in 2025.

The focus is defintely on integrating the entrepreneurial spirit of acquired businesses with the financial power and technology of the larger organization. You can read more about their ethos in their Mission Statement, Vision, & Core Values of EVI Industries, Inc. (EVI).

EVI Industries, Inc.'s Strategic Advantages

EVI Industries' success in a highly fragmented market comes down to a few clear, structural advantages that smaller competitors can't easily replicate. Their financial strength and scale are the real differentiators.

• Financial Scale and Capital: Access to a large credit facility, which was increased to $150 million in March 2025, allows for continuous strategic acquisitions and investments in technology, regardless of market conditions.
• Supplier Relationships: Strong, long-standing relationships with key manufacturers, with purchases from four manufacturers accounting for approximately 72% of product purchases in fiscal 2025, often resulting in exclusive distribution rights and favorable pricing terms.
• Comprehensive Product Portfolio: The 'one-stop shop' approach, offering a broad range of equipment, parts, and supplies at various price points, positions them to meet the diverse and time-sensitive needs of all commercial laundry customers.
• Integrated Service Network: The combination of a large, well-trained service technician team and the new field service technology provides a superior level of technical expertise and rapid response that factory-operated networks often lack.
• Proven Growth Engine: The 'buy-and-build' model has delivered a 30% compounded annual growth rate (CAGR) in revenue since 2016, demonstrating a repeatable, successful blueprint for market consolidation and organic growth.

What this estimate hides is the complexity of integrating over 30 acquired businesses, but the 33% surge in Net Income to $7.5 million in fiscal 2025 shows they are managing that integration to drive profitability.

EVI Industries, Inc. (EVI) How It Makes Money

EVI Industries, Inc. primarily generates revenue as a value-added distributor and service provider for the highly fragmented North American commercial laundry equipment market, selling and leasing equipment while providing crucial aftermarket support. Their core financial engine is a balanced mix of high-ticket equipment sales and a growing, higher-margin recurring revenue stream from parts and services.

If you want to understand the company's long-term strategy, you should look at its Mission Statement, Vision, & Core Values of EVI Industries, Inc. (EVI).

EVI Industries' Revenue Breakdown

The company reports its operations under a single segment, which means a precise, official breakdown isn't published. Still, based on the nature of their business-distributing large-scale commercial equipment and providing aftermarket support-we can map the two primary revenue streams and their trends as of the fiscal year ended June 30, 2025.

Here's the quick math: Equipment Sales, which include washers, dryers, and complex systems, historically account for the majority of the top line, roughly 65% of the $390 million in fiscal 2025 revenue. The Parts and Service side, which includes critical maintenance and replacement parts, is the defintely higher-margin component. Both streams are trending up, driven by strategic acquisitions and a 3-year compounded annual organic revenue growth rate of 7%.

Business Economics

EVI Industries' business model is built on a disciplined 'buy-and-build' strategy, which is a key economic driver. They acquire smaller, regional distributors and integrate them into a centralized, technologically advanced platform, immediately improving scale and purchasing power. In fiscal 2025 alone, the company completed four acquisitions, including its largest to date with Continental Laundry Solutions (formerly Girbau North America).

• Gross Margin Strength: The gross profit margin for fiscal 2025 reached a record 30.4%. This is a strong indicator of pricing power and the increasing contribution from the higher-margin Parts and Service stream.
• Organic vs. Acquired Growth: While acquisitions drive significant top-line growth (revenue has a 30% CAGR since 2016), the underlying business is healthy, demonstrating a solid 7% three-year compounded annual growth rate (CAGR) in organic revenue. This means the legacy businesses are also growing, not just the acquired ones.
• Pricing and Supply Chain: The company has actively managed tariff-related cost fluctuations by adjusting pricing and diversifying its sourcing, which helps stabilize the cost of goods sold and protects that 30.4% gross margin. You need to manage supply chain risks aggressively to keep margins stable.

EVI Industries' Financial Performance

The fiscal year ended June 30, 2025, marked a record year for EVI Industries, Inc., demonstrating that their acquisition strategy is translating into solid, albeit still relatively low-margin, profitability. The company is actively investing in technology and integration, which is why you see a margin compression in the near-term quarterly results (Q1 2026 Adjusted EBITDA margin was 6.2% compared to 8.1% a year prior).

• Total Revenue: Reached a record $390 million for FY 2025, a 10% increase over the prior year.
• Net Income: Surged 33% to $7.5 million in FY 2025, up from $5.64 million in FY 2024.
• Adjusted EBITDA: Increased 11% to $25.0 million, representing a 6.4% margin. This non-GAAP measure (earnings before interest, taxes, depreciation, and amortization) shows the core operational health before heavy investment costs.
• Earnings Per Share (Diluted): Rose to $0.49 per share for FY 2025.
• Net Debt Position: Net debt increased substantially from $8.3 million at the end of FY 2024 to $44.1 million as of June 30, 2025. This jump reflects the deployment of $46.9 million towards strategic acquisitions during the fiscal year. They are using their financial flexibility to fuel growth.

EVI Industries, Inc. (EVI) Market Position & Future Outlook

EVI Industries holds the largest market share in the highly fragmented North American commercial laundry distribution and service industry, a position secured through its aggressive Breaking Down EVI Industries, Inc. (EVI) Financial Health: Key Insights for Investors 'buy-and-build' strategy. The company's future outlook is focused on scaling its technology platform and integrating its recent, large acquisitions to drive margin expansion and further consolidate its leadership in this essential service market.

For the fiscal year ended June 30, 2025, EVI Industries reported a record revenue of nearly $390 million, demonstrating the success of its acquisition-led growth, plus a 7% compounded annual growth rate in organic revenue. This performance confirms its strategic focus on being a full-service, technology-enabled distributor is working, even as it navigates the integration costs that have temporarily pressured net income.

Competitive Landscape

The commercial laundry distribution market is deeply fragmented, featuring over 500 equipment distributors in the U.S., so EVI Industries' strategy is to create a national platform where none existed before. My quick math shows that EVI's $390 million in FY 2025 revenue represents approximately ~3.6% of the estimated $10.77 billion U.S. commercial laundry equipment market in 2025, making it the clear, albeit small, market leader in distribution. The real competition comes from regional specialists and manufacturer-owned distribution networks.

Opportunities & Challenges

You need to look at EVI Industries' near-term trajectory as a balancing act: significant investment in growth initiatives versus the immediate drag on profitability. The company is defintely playing the long game, prioritizing market share gains and operational modernization over short-term margin optimization.

Industry Position

EVI Industries is positioned as the consolidator in a fragmented industry, leveraging its public company status and access to capital to execute a disciplined 'buy-and-build' strategy.

• Dominance is established in distribution, not manufacturing, making supplier relationships critical (purchases from four manufacturers accounted for approximately 72% of product purchases in fiscal 2025).
• The company's strategic investments in digital infrastructure, including its field service platform and digital commerce solution, are aimed at creating a structural cost advantage over smaller, less technologically advanced regional players.
• EVI's expanded credit facility-increased from $100 million to $150 million, with an accordion feature for an additional $50 million-gives it significant dry powder for future acquisitions and organic growth funding.

The core proposition is simple: use scale and technology to offer a better, more reliable service than the local, independent distributor. That's the path to long-term value creation.