Alta takes Vantage
US sales and rental group Alta Equipment Group is to acquire New York state based distributor Vantage Equipment.
Vantage operates from three branches in the state: Batavia, Syracuse and Albany. The deal will be structured as an asset purchase transaction. The company was established in 2004 to provide construction machinery from the likes of Volvo CE and Gradall. In the 12 months to the end of September it generated revenues of around $41 million with earnings before interest, tax and depreciation of $4.7 million.
As part of the acquisition, Alta will take over the distribution of Volvo CE products for most of New York State, with Westchester County, the counties and boroughs of New York City and Long Island excluded.
Alta chief executive Ryan Greenawalt said: “We are excited to welcome Vantage Equipment to the Alta team, the move further diversifies our customer base and will complement our Liftech business which serves the New York material handling market. We believe Vantage has strong growth potential and look forward to bringing the full resources of Alta Equipment to the New York construction equipment market.”
The Vantage deal is Alta’s seventh acquisition since becoming a public company in February. Since then it has spent $151 million on the acquisition trail, expanding its geographic footprint, headcount, product lines, and OEM relationships which have contributed around $34 million in adjusted EBITDA. The company’s rental fleet now exceeds 5,000 units.
Terms of the acquisition have not been disclosed, but it is expected to close before year end 2020.
Alta sells, rents, and provides parts and service support for a wide range of equipment, with a focus on fork trucks, aerial work platforms, cranes and earthmoving equipment as well as industrial and construction equipment. Its branch network includes 51 locations across Michigan, Illinois, Indiana, New England, New York, Virginia and Florida.