Alta Equipment Group to Acquire Construction Dealership Assets from Vantage Equipment, LLC
19 December 2020 - 12:45AM
Business Wire
Acquisition Solidifies Alta’s presence in
New York State by Adding Construction Dealership
Alta Equipment Group Inc. (NYSE: ALTG) (“Alta” or the “Company”)
today announced that it has entered into a definitive agreement
with Vantage Equipment, LLC (“Vantage”), a privately held
construction equipment dealer operating three branches across New
York State in Batavia, Syracuse and Albany, to acquire Vantage’s
construction dealerships in an asset sale.
Since its founding in 2004, Vantage Equipment has offered a wide
selection of high-quality products serving the heavy end municipal
construction market. Vantage represents several heavy-duty
machinery manufacturers including Volvo Construction Equipment and
Gradall. As part of the acquisition, Alta takes over the
distribution of Volvo CE products in most of the geographic area of
New York State, excluding Westchester County, the counties and
boroughs of New York City and Long Island. Vantage’s construction
dealerships generated approximately $41 million in revenue and had
adjusted EBITDA of approximately $4.7 million in the trailing
twelve months through September 30, 2020.
Ryan Greenawalt, Chief Executive Officer of Alta, said, “We are
excited to welcome Vantage Equipment to the Alta team. The addition
of Vantage further diversifies our customer base and will
complement our Liftech business which serves the New York material
handling market. We believe Vantage has strong growth potential and
look forward to bringing the full resources of Alta Equipment Group
to the New York construction equipment market.”
Vantage marks Alta’s seventh acquisition since becoming a public
company in February of 2020. To date in 2020, the company has
deployed $151 million in capital into strategic acquisitions. These
acquisitions have expanded the company’s geographic footprint,
technician headcount, product lines, and OEM relationships while
contributing approximately $34 million in adjusted EBITDA.
Terms of the Vantage Equipment acquisition were not disclosed.
The transaction is expected to close before year-end 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 presentation includes certain statements that may
constitute “forward-looking statements” for purposes of the federal
securities laws. 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. Forward-looking
statements may include, for example, statements about: our future
financial performance; our plans for expansion and acquisitions;
and changes in our strategy, future operations, financial position,
estimated revenues, and losses, projected costs, prospects, plans
and objectives of management. These forward-looking statements are
based on information available as of the date of this presentation,
and current expectations, forecasts and assumptions, and involve a
number of judgments, risks and uncertainties. Accordingly,
forward-looking statements should not be relied upon as
representing the parties’ views as of any subsequent date, and we
do not undertake any obligation to update forward-looking
statements to reflect events or circumstances after the date they
were made, whether as a result of new information, future events or
otherwise, except as may be required under applicable securities
laws. You should not place undue reliance on these forward-looking
statements. As a result of a number of known and unknown risks and
uncertainties, actual results or performance may be materially
different from those expressed or implied by these forward-looking
statements. Some factors that could cause actual results to differ
include, but are not limited to: (1) the outcome of any legal
proceedings that may be instituted against us relating to the
business combination and related transactions; (2) the ability to
maintain our listing of shares of common stock on the New York
Stock Exchange; (3) the risk that integrating our acquisitions
disrupts our current plans and operations; (4) the ability to
recognize the anticipated benefits of our business combination and
acquisitions, which may be affected by, among other things,
competition, our ability to grow and manage growth profitably, our
ability to maintain relationships with customers and suppliers and
retain our management and key employees; (5) changes in applicable
laws or regulations; (6) the possibility that we may be adversely
affected by other economic, business, and/or competitive factors;
(7) disruptions in the political, regulatory, economic and social
conditions domestically or internationally; (8) major public health
issues, such as an outbreak of a pandemic or epidemic (such as the
novel coronavirus COVID-19), which could cause disruptions in our
operations, supply chain, or workforce; and (9) and other risks and
uncertainties identified in this presentation or indicated from
time to time in the section entitled “Risk Factors” in our annual
report on Form 10-K and other filings with the U.S. Securities and
Exchange Commission (the “SEC”). The company cautions that the
foregoing list of factors is not exclusive, and readers should not
place undue reliance upon any forward-looking statements, which
speak only as of the date made. We do not undertake or accept any
obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements to reflect any change
in its expectations or any change in events, conditions or
circumstances on which any such statement is based.
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version on businesswire.com: https://www.businesswire.com/news/home/20201218005341/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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