US based sales and rental company Alta Equipment Group is to acquire Hilo Equipment & Services, a three outlet sales and rental operation in the New York City metro area, with branches in Ronkonkoma, Long Island City and Hunts Point, the Bronx.
The company represents Hyster, Yale, and JLG and runs a rental fleet that includes aerial lifts. The privately held company generated revenues of around $50 million last year, with an EBITDA of $3 million.
Alta chief executive Ryan Greenawalt 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 north eastern United States. We are delighted to welcome the Hilo team to the Alta family.”
Terms of the acquisition were not disclosed but the transaction is expected to close in early in the third quarter.
Alta owns a number of large equipment dealerships in the US selling, renting and supporting specialist equipment, including Genie aerial work platforms, Link-Belt cranes, Magni and Gehl telehandlers, Sennebogen material handling equipment, fork trucks and other equipment, from 43 locations across Michigan, Illinois, Indiana, New England, New York and Florida.