Alta Equipment posted $356.3 million in total revenue in the fourth quarter of 2021 compared to $280.4 million in the fourth quarter of 2020, a 27.1-percent increase. Rental revenue was $42.5 million compared to $35.4 million, a 20-percent jump. Service revenue increased from $34.3 million to $42.5 million, a 23.5-percent leap. For the full year, total revenue was $1,212.8 million compared to $873.6 million in 2020, a 38.8-percent leap. Rental revenue for the year was $155.5 million compared to $118.8 million in 2020, a 30.9-percent jump.
“Our strong organic growth and operating performance in the fourth quarter and full year reflects our flexible business model and our ability to produce strong financial results in a supply constrained market,” said Ryan Greenawalt, CEO of Alta. “Both our Construction and Material Handling business segments delivered consistent year-over-year revenue growth leading to a 44.6-percent increase in adjusted EBITDA. Our record level of new and used equipment sales in 2021 are expected to continue to drive future high-margin product support revenue. Looking ahead, we expect to see significant customer demand across all our business segments. The growth in our core markets combined with our expanded capabilities in our material handling business, our entry into the electric vehicle market, and our recent acquisitions position us well for increased profitability and continued success.”
In recent highlights, Alta acquired the assets of Ambrose Equipment LLC on December 31. Ambrose is a privately held equipment distributor and the Northeast’s premier asphalt equipment dealer for more than 33 years, with locations in New Hampshire and Massachusetts.
Also, on the last day of 2021, Alta acquired Ginop Sales Inc., a privately held equipment distributor with three locations in Northern Michigan. This acquisition extended Alta’s construction equipment footprint to 10 locations in Michigan and enhanced its relationship with Kubota.
On December 1, the company closed a deal to acquire the assets of Midwest Mine Services. Midwest Mine Services designs, fabricates, and installs full aggregate processing plants for quarries, mines and recycling operations throughout the United States and is well-established in the Ohio and Michigan markets.
Alta closed the acquisition of Gibson Machinery on October 1. Gibson is a premium equipment distributor, based in Ohio. Gibson grew Alta’s presence in the Midwest and added several new original equipment manufacturing partners while presenting an opportunity to expand its service operations in the Midwest region.
Alta also expanded its Nikola dealer network after it was awarded the Arizona sales and service territory, further expanding Alta’s dealer territory with Nikola beyond the New York, New Jersey, eastern Pennsylvania, and New England markets.
Alta completed six acquisitions across the Material Handling and Construction businesses in 2021 that were consistent with the company’s growth strategy of further penetrating existing markets, expanding its geographic footprint, and increasing its product lines and OEM relationships. These accretive acquisitions contributed $329 million in revenue and $33 million in adjusted EBITDA since the company’s IPO in February of 2020.
Alta has operated as an equipment dealership for 37 years and has developed a branch network that includes more than 60 total locations across Michigan, Illinois, Indiana, New England, New York, Ohio, Virginia, 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.
Based in Livonia, Mich., Alta Equipment is No. 25 on the RER 100.