Alta Equipment Group Acquires New York’s Hilo Equipment
Alta Equipment Group 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 Hyster-Yale Group, JLG, Kelley and other prominent manufacturers. It also offers equipment rental, and repairs and maintenance with an award-winning service team. Hilo generated approximately $50 million in revenue in fiscal year 2019 and had adjusted EBITDA of about $3 million.
“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,” said Ryan Greenawalt, Alta CEO. “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.”
Greenawalt added that terms of the acquisition were not disclosed and that the transaction is expected to close early in the third quarter, subject to customary closing conditions.
Earlier this year Alta Equipment purchased the assets of Flagler Construction Equipment and also took the company public. Alta is now No. 39 on the RER 100. Alta now has locations in Michigan, Illinois, Indiana, New England, New York and Florida.
About the Author
Michael Roth
Editor
Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.