Alta Equipment Group to Acquire Hilo Equipment & Services
June 18 2020 - 7:30AM
Business Wire
New York-based Material Handling Equipment
Distributor Further Strengthens Alta’s Northeast Footprint
Alta Equipment Group Inc. (NYSE: ALTG) today announced that it
has entered into a definitive agreement to acquire Hilo Equipment
& Services, a privately held distributor of material handling
equipment with three branches in the New York City metro area. Hilo
sells new and used material handling equipment, partnering with
industry leading manufacturers including Hyster-Yale Group Inc.,
Kelley and JLG, and offers repairs and maintenance with an
award-winning service team. Hilo generated approximately $50
million in revenue and had Adjusted EBITDA of approximately $3.0
million in FY2019.
Ryan Greenawalt, Chief Executive Officer of Alta, said, “Hilo
aligns perfectly with our growth strategy by expanding our
distribution footprint with best-in-class OEMs and adding valuable
and talented employees who will help drive our “Customers for Life”
mantra. Hilo’s strategic presence in the New York City area gives
us a major market foothold and strengthens our overall coverage of
the northeastern United States. We are delighted to welcome the
Hilo team to the Alta family.”
Terms of the acquisition were not disclosed. The transaction is
expected to close in early Q3 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 43 total locations across Michigan, Illinois,
Indiana, New England, New York 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/20200618005460/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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