Annual report pursuant to Section 13 and 15(d)

Subsequent Events

v3.7.0.1
Subsequent Events
12 Months Ended
Jun. 30, 2017
Subsequent Events [Abstract]  
Subsequent Events
19. Subsequent Events

On September 8, 2017, the Company and a newly formed wholly owned subsidiary of the Company entered into an Asset Purchase Agreement pursuant to which the Company would acquire substantially all of the assets and assume certain of the liabilities of Tri-State, a Georgia-based distributor of commercial, industrial, and vended laundry products and a provider of installation and maintenance services to the new and replacement segments of the commercial, industrial, and vended laundry industry. The consideration to be paid by the Company in connection with the acquisition consists of $8.25 million in cash (subject to certain working capital and other adjustments), of which $2.1 million will be deposited in an escrow account for no less than 24 months after the closing date (subject to extension in certain circumstances), and 338,115 shares of the Company’s common stock. The Company intends to fund the cash consideration with cash on hand and borrowings under the Credit Facility. Consummation of the transaction is subject to certain closing conditions. There is no assurance that the transaction will be consummated on the contemplated terms, when anticipated, or at all.