Another acquisition for Alta
Alta Equipment has reached an agreement to acquire Gibson Machinery, an equipment distributor based in Oakwood Village, near Cleveland, Ohio.
The acquisition will increase Alta’s branch network to 32 locations across eight states, as well as bring in several manufacturer distribution partnerships.
Family owned Gibson Machinery offers a range of earthmoving and material handling equipment, representing Doosan, Dynapac and Sennebogen’s Green line of material handlers. As well sales of new and used equipment, it runs an AED type of rental operation and provides service and repairs for a wide range of equipment. The company had revenues of around $19 million over the past 12 months, with an EBITDA of $3.2 million for the period ended June 2021. Terms of the acquisition will be disclosed upon closing, which is expected later this month or early October.
Alta chief executive Ryan Greenawalt 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.”
Alta made at least three acquisitions last year, including Hilo
, which also distributes Sennebogen along with Tadano, and finally New York state based Vantage
. Earlier this year it was also appointed as a dealer for Tadano, Demag and Mantis
This latest acquisition will help take it to within sight of a billion dollars of revenues a year.