Alta Equipment Group Acquires Midwest Mine Services
November 18 2021 - 7:00AM
Business Wire
Alta Expands Engineering and Design
Capabilities in its Construction Business Segment
Alta Equipment Group Inc. (NYSE: ALTG) (“Alta”) today announced
that it has entered into a definitive agreement to acquire Midwest
Mine Services LLC, a privately held company headquartered near
Toledo, Ohio.
Midwest Mine Services designs, fabricates, and installs full
aggregate processing plants for quarries, mines and recycling
operations throughout the United States and is well-established in
the Ohio and Michigan markets. The company is also the authorized
dealer for several original equipment manufacturers and their
component supply partners, further expanding Alta’s OEM
relationships.
Ryan Greenawalt, Chief Executive Officer of Alta, said, “We’re
pleased to welcome the Midwest Mine Services team to the Alta
family. Strategically, this acquisition expands our expertise in a
construction end market with ever-increasing demand for high-end
engineering and design services. Our current presence with
customers in the aggregate processing industry will help drive
synergies and cross selling opportunities between Midwest Mine and
our existing business. The company has the ability to operate
across the entire United States, which will allow us to deploy
Midwest Mine’s solutions throughout our footprint and beyond.
Midwest Mine Services also fits well with Alta’s culture as it has
built an outstanding record of delivering custom solutions and
high-quality service. We welcome Bob Keaton and his entire team to
the Alta family.”
Midwest Mining Services generated approximately $17 million in
revenue and had adjusted EBITDA of approximately $1.3 million for
the trailing-twelve-month period ended July 2021. Terms of the
acquisition were not disclosed. The transaction is expected to
close in the fourth quarter of 2021, 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
material handling and construction equipment. Alta has operated as
an equipment dealership for 37 years and has developed a branch
network that includes over 55 total locations across Michigan,
Illinois, Indiana, New England, New York, Virginia, Florida, and
Ohio. 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.altg.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/20211118005393/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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