Alta Equipment Group Inc. has announced that it has entered into a definitive agreement with Vantage Equipment, LLC (“Vantage”), a privately-held construction equipment dealer operating three branches across New York State 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 wide selection of high-quality products serving 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 takes over the distribution of Volvo CE products in most of the geographic area of New York State, 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 twelve months through September 30, 2020.
Ryan Greenawalt, Chief Executive Officer of Alta, said, “We are excited to welcome Vantage Equipment to the Alta team. 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.”
Vantage 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 strategic 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.
