Alta Expands Construction Equipment Business Through Gibson Machinery Acquisition

Alta Equipment Group Inc ALTG has entered into a definitive agreement to acquire Gibson Machinery, LLC, a privately held equipment distributor based in Oakwood Village, near Cleveland, Ohio. Terms of the deal will be disclosed upon closing.
The family-owned Gibson Machinery offers heavy equipment product lines and specialty attachments, along with service, rentals, replacement parts, and equipment financing.
This acquisition expands Alta's construction equipment footprint to 32 locations in eight states and adds several new original equipment manufacturing (OEM) partners.
Gibson Machinery generated ~$19 million in revenue and had adjusted EBITDA of ~$3.2 million for the trailing twelve-month period ended June 2021.
Alta Equipment held cash of $1.8 million as of June 30, 2021.
Alta Equipment expects to close the deal in late Q3 or early Q4 of 2021.
Yesterday, Alta Equipment announced the acquisition of Baron Industries, a privately held dock & door company based in Woburn, Massachusetts, for a purchase price of less than $2.0 million.
Price Action: ALTG shares are trading lower by 0.23% at $13.02 on the last check Thursday.