EVI Industries (EVI) said Monday it has signed an agreement to buy Girbau North America from Girbau, a Spanish manufacturer of commercial and industrial laundry products, for about $43 million in cash.

The firm said it will fund the acquisition through its revolving credit facility. EVI also said it entered into a Commitment Letter with its banks to raise the revolving commitments by $50 million to $150 million and to increase accordion feature by $10 million to $50 million.

The transaction is expected to be immediately accretive to its earnings, the company said.

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