Alta Equipment Group Acquires Baron Industries
Acquisition Expands Alta’s Warehousing & Logistics Capabilities in its Material Handling Business
Alta Equipment Group Inc. (NYSE: ALTG) (“Alta”) today announced that it has acquired Baron Industries (“Baron”), a privately held dock & door company based in Woburn, MA.
Baron is an established, leading provider of dock and door sales, service, and installation for the greater New England area. The company specializes in commercial overhead loading dock doors and equipment, hydraulic lifts, and vertical reciprocating conveyors.
“This strategic acquisition jump starts our expansion in the loading dock & door equipment business and immediately positions Alta as a leading provider throughout the northeast,” said Alan Hammersley, President, Alta Material Handling. “Baron’s sterling reputation for service has made them the vendor of choice among general contractors, architects, government agencies, military sites, hospitals and more, which makes them an excellent fit with our customer first product support culture. This service capability expansion is another key step in our strategy to build out our full-service warehousing and logistics offering within our growing material handling segment.”
Baron generated approximately $6.0 million in revenue and had adjusted EBITDA of approximately $400,000 in the latest fiscal year. The purchase price includes certain tangible assets such as inventory, vehicles, and an $800,000 goodwill premium. The total purchase price is expected to be less than $2.0 million, subject to customary post-closing purchase price adjustments.
About Alta Equipment Group Inc.
Alta owns and operates one of the largest integrated equipment dealership platforms in the U.S. Through its branch network, the Company sells, rents, and provides parts and service support for several categories of specialized equipment, including lift trucks and aerial work platforms, cranes, earthmoving equipment and other industrial and construction equipment. Alta has operated as an equipment dealership for 37 years and has developed a branch network that includes 55 total locations across Michigan, Illinois, Indiana, New England, New York, Virginia and Florida. Alta offers its customers a one-stop-shop for most of their equipment needs by providing sales, parts, service, and rental functions under one roof. More information can be found at www.altg.com.
Forward Looking Statements
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Bob Jones / Taylor Krafchik
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