Alta Equipment Group Inc. announced that it has entered into a definitive agreement with Vantage Equipment LLC, a privately held construction equipment dealer operating three branches in Batavia, Syracuse and Albany, N.Y., to acquire Vantage’s construction dealerships in an asset sale.
Since its founding in 2004, Vantage Equipment has offered a wide selection of high-quality products serving the heavy end municipal construction market. Vantage represents several heavy-duty machinery manufacturers including Volvo Construction Equipment and Gradall. As part of the acquisition, Alta takes over the distribution of Volvo CE products in most of the geographic area of New York state, excluding Westchester County, the counties and boroughs of New York City and Long Island. Vantage’s construction dealerships generated approximately $41 million in revenue and had adjusted EBITDA of approximately $4.7 million in the trailing 12 months through September 30, 2020.
“We are excited to welcome Vantage Equipment to the Alta team,” said Ryan Greenawalt, CEO of Alta. “The addition of Vantage further diversifies our customer base and will complement our Liftech business which serves the New York material handling market. We believe Vantage has strong growth potential and look forward to bringing the full resources of Alta Equipment Group to the New York construction equipment market.”
Vantage marks Alta’s seventh acquisition since becoming a public company in February of 2020. To date in 2020, the company has deployed $151 million in capital into strategic acquisitions. These acquisitions have expanded the company’s geographic footprint, technician headcount, product lines, and OEM relationships while contributing approximately $34 million in adjusted EBITDA.
Terms of the Vantage Equipment acquisition were not disclosed. The transaction is expected to close before year-end 2020, subject to customary conditions.
Alta has been a member of the Volvo CE network serving Michigan since 2009, and has expanded its territory to include Central and Northern Illinois and Florida. It now has 22 construction locations and was recognized as Volvo CE’s “Dealer of the Year” in North America in 2018.
“Alta’s progressive approach to evolving customer needs and its ability to invest capital will further improve our competitive advantage in the state of New York,” said Stephen Roy, president of Region North America, Volvo CE. “The company has proven itself in multiple territories and we are confident that its growth into New York will be advantageous for our customers and our entire dealer network.”
Alta Equipment, based in Livonia, Mich., is No. 39 on the RER 100.
