Alta Equipment Group entered into a definitive agreement with Vantage Equipment, a privately held construction equipment dealer operating three branches across New York in Batavia, Syracuse and Albany, to acquire Vantage’s construction dealerships in an asset sale.
Since its founding in 2004, Vantage Equipment has offered a selection of products to the heavy end municipal construction market. Vantage represents several heavy-duty machinery manufacturers, including Volvo Construction Equipment and Gradall. As part of the acquisition, Alta will take over the distribution of Volvo CE products in most of the geographic area of New York, excluding Westchester County, the counties and boroughs of New York City and Long Island. Vantage’s construction dealerships generated approximately $41 million in revenue and had adjusted EBITDA of approximately $4.7 million in the trailing 12 months through Sept. 30, 2020.
“We are excited to welcome Vantage Equipment to the Alta team,” Ryan Greenawalt, CEO of Alta, said. “The addition of Vantage 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 Group to the New York construction equipment market.”
This marks Alta’s seventh acquisition since becoming a public company in February of 2020. To date in 2020, the company has deployed $151 million in capital into acquisitions. These acquisitions have expanded the company’s geographic footprint, technician headcount, product lines and OEM relationships while contributing approximately $34 million in adjusted EBITDA.
Terms of the Vantage Equipment acquisition were not disclosed. The transaction is expected to close before year-end 2020, subject to customary conditions.
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