Alta Equipment Group Inc. has announced that it has entered into a definitive agreement to acquire Hilo Equipment & Services, a privately-held distributor of material handling equipment with three branches in the New York City metro area. Hilo sells new and used material handling equipment, partnering with industry-leading manufacturers including Hyster-Yale Group Inc., Kelley, and JLG, and offers repairs and maintenance with an award-winning service team. Hilo generated approximately $50 million in revenue and had Adjusted EBITDA of approximately $3.0 million in FY2019.
Ryan Greenawalt, Chief Executive Officer of Alta, said, “Hilo aligns perfectly with our growth strategy by expanding our distribution footprint with best-in-class OEMs and adding valuable and talented employees who will help drive our “Customers for Life” mantra. Hilo’s strategic presence in the New York City area gives us a major market foothold and strengthens our overall coverage of the northeastern United States. We are delighted to welcome the Hilo team to the Alta family.”
The terms of the acquisition were not disclosed. The transaction is expected to close in early Q3 2020, subject to customary conditions.
