Alta Equipment Group to Acquire Howell Tractor and Equipment, LLC.
16 October 2020 - 7:05AM
Business Wire
Alta Expands Presence in Midwest
Construction Market
Alta Equipment Group Inc. (“Alta” or the “Company”) (NYSE: ALTG)
today announced that it has entered into a definitive agreement to
acquire Howell Tractor and Equipment, LLC., a privately held heavy
equipment dealer serving Northern Illinois and Northwest
Indiana.
Howell Tractor has an expansive range of heavy construction,
mining, material handling, and crane equipment available for sale
or rent to its premium customer base. As an equipment industry
leader in the area since opening in 1943, Howell Tractor provides
around-the-clock professional service, with an experienced and
knowledgeable staff operating out of two fully equipped,
state-of-the-art facilities in Gary, IN and Peru, IL. Howell
Tractor generated approximately $33.1 million in revenue and had
adjusted EBITDA of approximately $5.0 million in the trailing
twelve months through July 2020.
Ryan Greenawalt, Chief Executive Officer of Alta, said, “We are
excited to welcome Howell Tractor to the Alta family. As we
continue to expand our presence in the Illinois and Northwest
Indiana markets, adding an industry leader like Howell Tractor
bolsters our best-in-class service offerings and product portfolio.
We intend to build on the strength of Howell Tractor’s reputation
as a premier service provider and the partnerships it has
established with leading manufacturers to enhance our overall
customer experience.”
Terms of the acquisition were not disclosed. The transaction is
expected to close in Q4 2020, subject to customary conditions.
About Alta Equipment Group Inc.
Alta owns and operates one of the largest integrated equipment
dealership platforms in the U.S. Through its branch network, the
Company sells, rents, and provides parts and service support for
several categories of specialized equipment, including lift trucks
and aerial work platforms, cranes, earthmoving equipment and other
industrial and construction equipment. Alta has operated as an
equipment dealership for 35 years and has developed a branch
network that includes 51 total locations across Michigan, Illinois,
Indiana, New England, New York, Virginia and Florida. Alta offers
its customers a one-stop-shop for most of their equipment needs by
providing sales, parts, service, and rental functions under one
roof. More information can be found at www.altaequipment.com.
Forward-Looking Statements
This press release includes certain statements that may
constitute “forward-looking statements” for purposes of the federal
securities laws, including information regarding purchases by the
Company of its common stock pursuant to any Rule 10b5-1 trading
plans. Forward-looking statements include, but are not limited to,
statements that refer to projections, forecasts or other
characterizations of future events or circumstances, including any
underlying assumptions. The words “anticipate,” “believe,”
“continue,” “could,” “estimate,” “expect,” “intends,” “may,”
“might,” “plan,” “possible,” “potential,” “predict,” “project,”
“should,” “would” and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. By their nature,
forward-looking information and statements are subject to risks,
uncertainties, and contingencies, including changes in price and
volume and the volatility of the Company’s common stock; adverse
developments affecting either or both of prices and trading of
exchange-traded securities, including securities listed on the New
York Stock Exchange; and unexpected or otherwise unplanned or
alternative requirements with respect to the capital investments of
the Company. The Company does not undertake to update any
forward-looking statements or information, including those
contained in this report.
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version on businesswire.com: https://www.businesswire.com/news/home/20201015005960/en/
Investors: Bob Jones / Taylor Krafchik Ellipsis
IR@altaequipment.com (646) 776-0886
Media: Glenn Moore Alta Equipment
glenn.moore@altaequipment.com (248) 305-2134
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