Alta Equipment Group Acquires Burris Equipment Co.
Alta Equipment Group Inc. has entered into a definitive agreement to acquire Burris Equipment Co., a supplier of market leading construction and turf equipment with three locations in Illinois, not far from Chicago.
Burris is a dealer for Case, Wacker Neuson, Jacobsen, Ventrac, Stihl and other brands. It also rents mobile elevating work platforms, air compressors and tools, climate control equipment, compaction equipment, concrete/masonry equipment, earthmoving and jobsite machinery, electric tools, forklifts, lawn and landscape equipment, light towers, generators, pressure washers, pumps, welders, plumbing and pipe equipment, professional turf and golf course equipment, snow removal and trench safety gear.
“The acquisition of Burris will not only yield immediately accretive returns to shareholders but will also notably enhance our business in Illinois,” said Ryan Greenawalt, Alta Equipment CEO. “In addition to adding important infrastructure and industry talent to the Chicago area in our Construction Equipment segment, we also eagerly embrace new OEM relationships stemming from the Burris acquisition, while simultaneously expanding with existing OEM partners to best serve Burris customers. This acquisition will fortify our product support presence and rental capabilities in the market, opening doors for the growth of our high-margin parts and service business. We extend a warm welcome to the Burris team as they become part of the Alta family.”
Strategic and financial highlights
- Diversifies product portfolio and end markets in the Chicago area and expands Alta’s infrastructure in the region with three new branches in Joliet, Waukegan and Lakemoor.
- Burris generated approximately $40.6 million in revenue, $1.9 million in net income and EBITDA of $4.6 million for the trailing 12-month period through July 2023.
- The deal is structured as an asset acquisition allowing for step-up in tax basis of assets acquired.
Additional transaction details
- The purchase price is $14.0 million in cash, subject to working capital adjustments.
- The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2023.
- Including Burris, since Alta’s initial public offering in 2020, Alta has completed 15 acquisitions which have contributed $487 million in revenue, and $58 million in adjusted EBITDA.
- More information on Burris, its products and applications can be found at https://burrisequipment.com/home.
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.