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Alta Equipment Holdings Inc. Announces Entry into Definitive Agreements to Acquire Liftech Equipment Companies, Inc. and FlaglerCE Holdings, LLC
Livonia, MI, February 4, 2020 – Alta Equipment Holdings Inc. (“Alta”), a leading provider of premium industrial and construction equipment and related services, announced today that it has signed definitive agreements to acquire each of Liftech Equipment Companies, Inc. (“Liftech”) and FlaglerCE Holdings, LLC (“Flagler”). Liftech is the Hyster-Yale Materials Handling, Inc. (“Hyster-Yale”) and JCB Co., Ltd. (“JCB”) dealer in Upstate New York and Vermont, and Flagler is the AB Volvo (“Volvo”) dealer in Florida and portions of Georgia. Liftech and Flagler are expected to add over $220 million of aggregate annual revenue to Alta’s combined business.
As previously announced, Alta has entered into a definitive agreement with B. Riley Principal Merger Corp. (NYSE: BRPM, BRPM.U and BRPM WS) (“BRPM”), a publicly-traded special purpose acquisition company, whereby Alta will become a wholly-owned subsidiary of BRPM. BRPM has scheduled a stockholder meeting for Tuesday, February 11, 2020 relating to the approval by its stockholders of the business combination with Alta (the “business combination”) and certain related matters. Alta and BRPM expect to close the business combination shortly after the special meeting, subject to the approval of BRPM’s stockholders and other closing conditions.
The acquisitions of Liftech and Flagler are contingent upon the closing of the business combination and are expected to be funded by the equity and debt proceeds raised in connection with the business combination. Alta expects to close the acquisitions of Liftech and Flagler concurrently with the closing of the business combination.
“The Liftech and Flagler acquisitions provide further scale to our business and are consistent with our strategy to expand our geographic footprint and grow in the industrial and construction markets,” said Ryan Greenawalt, Alta’s Chief Executive Officer. “They present a great opportunity to drive our aftermarket parts sales and service support businesses while increasing our number of skilled technicians in key geographic markets. Both Liftech and Flagler are well respected companies in the heavy equipment market and we look forward to welcoming all of their employees to the Alta family.”
The terms of the acquisitions of Liftech and Flagler were not disclosed.
About Alta Equipment Holdings Inc.
Alta owns and operates one of the largest integrated equipment dealership platforms in the U.S. Through its branch network, Alta 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 35 years and has developed a branch network that includes 31 total locations in Michigan, Illinois, Indiana, Massachusetts, Maine, Connecticut and New Hampshire. 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.