Alta Acquires Ginop Sales
16 Décembre 2021 - 2:00PM
Business Wire
Alta CE Adds Full-Lineup of Kubota Equipment to
well-established Michigan Product Portfolio
Alta Equipment Group Inc. (NYSE: ALTG) (“Alta”) today announced
that it has entered into a definitive agreement to acquire the
stock of Ginop Sales, Inc., a privately held equipment distributor
with three locations in Northern Michigan. This acquisition expands
Alta’s construction equipment footprint to ten locations in
Michigan and expands its relationship with a leading OEM.
Established in 1959, Ginop is an elite Kubota dealer and a
trusted source of sales, rentals, service, and parts for the full
line of Kubota equipment and attachments.
Ryan Greenawalt, Chief Executive Officer of Alta, said, “The
acquisition of Ginop strengthens Alta’s business and product
offerings in our home state of Michigan by expanding our
relationship with Kubota, a world-class OEM. The acquisition builds
on our strategy of providing customers with superior equipment and
unrivaled product support. For over six decades, Ginop has been
Northern Michigan’s trusted source for construction and
agricultural equipment. Alta is honored to carry on the Ginop
legacy and excited to add their talented team to the Alta
family.”
Ginop Sales, Inc., generated approximately $65 million in
revenue and had adjusted EBIT of approximately $6.5 million for the
trailing-twelve-month period ended August 2021. Terms of the
acquisition are expected to be disclosed upon closing. The
transaction is expected to close prior to year-end, subject to
customary conditions.
Breneman Advisors, LLC (www.brenadv.com) represented Ginop
Sales, Inc. on the transaction.
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 material handling and construction
equipment. Alta has operated as an equipment dealership for 37
years and has developed a branch network that includes over 60
total locations across Michigan, Illinois, Indiana, New England,
New York, Ohio, 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.altaequipment.com.
Forward Looking Statements This presentation includes
certain statements that may constitute “forward-looking statements”
for purposes of the federal securities laws. Forward-looking
statements include, but are not limited to, statements that refer
to projections, forecasts or other characterizations of future
events or circumstances, including any underlying assumptions. The
words “anticipate,” “believe,” “continue,” “could,” “estimate,”
“expect,” “intends,” “may,” “might,” “plan,” “possible,”
“potential,” “predict,” “project,” “should,” “would” and similar
expressions may identify forward-looking statements, but the
absence of these words does not mean that a statement is not
forward-looking. Forward-looking statements may include, for
example, statements about: our future financial performance; our
plans for expansion and acquisitions; and changes in our strategy,
future operations, financial position, estimated revenues, and
losses, projected costs, prospects, plans and objectives of
management. These forward-looking statements are based on
information available as of the date of this presentation, and
current expectations, forecasts and assumptions, and involve a
number of judgments, risks and uncertainties. Accordingly,
forward-looking statements should not be relied upon as
representing the parties’ views as of any subsequent date, and we
do not undertake any obligation to update forward-looking
statements to reflect events or circumstances after the date they
were made, whether as a result of new information, future events or
otherwise, except as may be required under applicable securities
laws. You should not place undue reliance on these forward-looking
statements. As a result of a number of known and unknown risks and
uncertainties, actual results or performance may be materially
different from those expressed or implied by these forward-looking
statements. Some factors that could cause actual results to differ
include, but are not limited to: (1) the outcome of any legal
proceedings that may be instituted against us relating to the
business combination and related transactions; (2) the ability to
maintain our listing of shares of common stock on the New York
Stock Exchange; (3) the risk that integrating our acquisitions
disrupts our current plans and operations; (4) the ability to
recognize the anticipated benefits of our business combination and
acquisitions, which may be affected by, among other things,
competition, our ability to grow and manage growth profitably, our
ability to maintain relationships with customers and suppliers and
retain our management and key employees; (5) changes in applicable
laws or regulations; (6) the possibility that we may be adversely
affected by other economic, business, and/or competitive factors;
(7) disruptions in the political, regulatory, economic and social
conditions domestically or internationally; (8) major public health
issues, such as an outbreak of a pandemic or epidemic (such as the
novel coronavirus COVID-19), which could cause disruptions in our
operations, supply chain, or workforce; and (9) and other risks and
uncertainties identified in this presentation or indicated from
time to time in the section entitled “Risk Factors” in our annual
report on Form 10-K and other filings with the U.S. Securities and
Exchange Commission (the “SEC”). The company cautions that the
foregoing list of factors is not exclusive, and readers should not
place undue reliance upon any forward-looking statements, which
speak only as of the date made. We do not undertake or accept any
obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements to reflect any change
in its expectations or any change in events, conditions or
circumstances on which any such statement is based.
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version on businesswire.com: https://www.businesswire.com/news/home/20211216005242/en/
Investors: Bob Jones / Taylor Krafchik Ellipsis
IR@altg.com (646) 776-0886
Media: Glenn Moore Alta Equipment glenn.moore@altg.com
(248) 305-2134
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