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.
