US-based sales and rental group Alta Equipment is to acquire the assets of Ambrose Equipment of New Hampshire.
Ambrose Equipment specialises in the sale and rental of paving equipment from locations in Hooksett, New Hampshire and Plainville, Massachusetts. It generated revenues of around $35 million with an EBITDA of $3.1 million for the 12 months to the end of August. Terms of the acquisition will be disclosed in the next week or two on closing. The acquisition expands Alta’s network of construction equipment sales and rental network to 39 locations in 10 states.
Alta chief executive Ryan Greenawalt said: “For over three decades, Ambrose has been the ‘go-to’ asphalt paving products dealer in New England. With the acquisition of Ambrose, Alta Equipment now offers the most diverse road construction equipment portfolio of products and services in the New England region. By expanding our capabilities, OEM relationships within our territories, we continue to execute on our strategy of expanding our parts and service business and diversifying our offerings to customers.”
Alta Equipment sells, rents, and provides parts and service support for aerial work platforms, cranes, telehandlers, earthmoving and material handling equipment. This is Alta’s second acquisition in the past quarter, with the company taking over Gibson Machinery of Oakwood Village, near Cleveland, Ohio in September.
Alta Equipment has reached an agreement to acquire Gibson Machinery, an equipment distributor based in Oakwood Village, near Cleveland, Ohio. Alta paid $1.1 million in the chase and assumed $4.4 million of Gibson debt, partly offset by $1.2 million of new inventory. All of which equates to a total price/enterprise valuation of $14.3 million.
The acquisition will increase Alta’s branch network to 32 locations across eight states, as well as bring in several manufacturer distribution partnerships.
Family-owned Gibson Machinery offers a range of earthmoving and material handling equipment, representing Doosan, Dynapac and Sennebogen’s Green line of material handlers. As well sales of new and used equipment, it runs an AED type of rental operation and provides service and repairs for a wide range of equipment. The company had revenues of around $19 million over the past 12 months, with an EBITDA of $3.2 million for the period ended June 2021.
Alta chief executive Ryan Greenawalt said: “Adding the Gibson team to the Alta family supports our growth within the Great Lakes region while broadening our best in class product portfolio and service capabilities. The transaction presents a good opportunity to expand our service operation and OEM relationships. We look forward to building on Gibson’s reputation for excellent service and growing our presence in the important Northern Ohio market as we continue to execute on our growth strategy of expanding our geographic footprint into key markets.”
Alta made at least three acquisitions last year, including Hilo, Howell, which also distributes Sennebogen along with Tadano, and finally New York state-based Vantage. Earlier this year it was also appointed as a dealer for Tadano, Demag and Mantis.
This latest acquisition will help take it to within sight of a billion dollars of revenues a year.