LIVONIA, Mich.–(BUSINESS WIRE)–Alta Equipment Group Inc. (NYSE: ALTG) (“Alta”) today announced that it has entered into a definitive agreement to acquire Gibson Machinery, LLC, a privately held premium equipment distributor based in Oakwood Village, near Cleveland, Ohio. The acquisition expands Alta’s construction equipment footprint to 32 locations in eight states and adds several new original equipment manufacturing (OEM) partners.
The family-owned Gibson Machinery offers a full-line of industry-leading heavy equipment product lines and specialty attachments, as well as service, rentals, replacement parts and equipment financing. Gibson serves a wide variety of customers in the construction, recycling and steel and demolition markets.
Ryan Greenawalt, Chief Executive Officer of Alta, said, “Adding the Gibson team to the Alta family supports our growth within the Great Lakes region while broadening our best-in-class product portfolio and service capabilities. The transaction presents a good opportunity to expand our service operation and OEM relationships. We look forward to building on Gibson’s reputation for excellent service and growing our presence in the important Northern Ohio market as we continue to execute on our growth strategy of expanding our geographic footprint into key markets.”
Gibson Machinery generated approximately $19 million in revenue and had adjusted EBITDA of approximately $3.2 million for the trailing-twelve-month period ended June 2021. Terms of the acquisition will be disclosed upon closing. The transaction is expected to close in late Q3 or early Q4 of 2021, subject to customary conditions.
MelCap Partners, LLC (www.melcap.com) served as investment banker and financial advisor to Gibson Machinery on this transaction.
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 37 years and has developed a branch network that includes 56 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.
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