Alta Equipment Group to Acquire Martin Implement Sales, Inc.
July 31 2020 - 7:30AM
Business Wire
Alta Expands Footprint in Chicago market and
Broadens OEM Relationships and Product Portfolio
Alta Equipment Group Inc. (NYSE: ALTG) today announced that it
has entered into a definitive agreement to acquire Martin Implement
Sales, Inc., a privately held premium equipment distributor with
three branches in the Chicago metro area.
Martin has an expansive range of new and used equipment
available for sale or rent to contractors and municipal customers.
Martin sells primarily construction and agricultural equipment in
partnership with industry leading manufacturers, and offers
comprehensive services, including equipment financing, replacement
parts, and factory-authorized service. Known for their
award-winning service, Martin was recognized as a 2020 Top
Equipment Dealer by SATISFYD. Martin generated approximately $28
million in revenue and had reported EBITDA of approximately $3.1
million in FY2019.
Ryan Greenawalt, Chief Executive Officer of Alta, said, “We are
excited to welcome the Martin team to the Alta family. Adding this
exceptional equipment distributor accelerates our growth in the
Illinois construction market and broadens our best-in-class product
portfolio and service capabilities. We look forward to working with
the Novak family and Steve Martin to build on the successful
company that they have built.”
Terms of the acquisition were not disclosed. The transaction is
expected to close in 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 48 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/20200731005264/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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