Equipment distributor Alta Equipment, which became a public company last month, announced its full-year financial results for the first time, with 2019 net revenues of $557.4 million, a 35-percent year over year increase. The revenue increase was led by the acquisition of Northland Industrial Truck Co. in May of 2019, as well as continued growth in Alta’s core equipment distribution business, which included $95.2 million in rental revenue in 2019.
Industrial revenues were $312.3 million, an increase of $110 million or 54.4 percent compared to $202.3 million in 2018, with the increase primarily related to the NITCO acquisition. Construction revenues were $254.1 million, an increase of $34.4 million or 16.3 percent, compared to $210.7 million in 2018.
Gross profit increased to 27.3 percent, compared to 26.7 percent in 2018.
“Our full year 2019 results underline the strength in our core business and the robust opportunities in our acquisition pipeline,” said Ryan Greenawalt, Alta CEO. “During the year we added NITCO, a quality dealer in the New England material handling market as part of our acquisition strategy. The additions of Flagler CE Holdings, LLC and Liftech Equipment Companies Inc. in early 2020 provide further scale and end market diversification to our dealer platform and a great opportunity to grow our aftermarket parts sales and service business through geographic expansion. The closing of the business combination marks a significant milestone in Alta’s proud history, strengthens our capital structure to weather the impacts of the COVID-19 pandemic and will ultimately support Alta’s continue growth as an industry leader.”
Alta acquired NITCO May 1, 2019. NITCO had audited revenue of $126 million for the fiscal year ended Oct. 31, 2018. Alta became a public company Feb. 18 following a business combination with B. Riley Principal Merger Corp. Alta completed the acquisitions of Liftech Equipment Companies and Flagler CE Holdings, increasing the company’s presence in key geographic markets and expanding opportunities in the Florida market.
Approximately half of Alta’s employees are skilled technicians and fuels the company’s part sales and service business. The company also improved its balance sheet through recent debt restructuring and raising of equity.
Alta, based in Livonia, Mich., owns and operates one of the largest integrated equipment dealership platforms in the U.S. Through its branch network, the company 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 43 locations in Michigan, Illinois, Indiana, New England, New York and Florida. 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. More information can be found at www.altaequipment.com.
