LIVONIA—Alta Equipment Group Inc. (NYSE: ALTG) announced that it has entered into a definitive agreement to acquire PeakLogix, a material handling systems integrator in Midlothian, Va.
PeakLogix specializes in the design and installation of warehouse automation and storage systems and is recognized for designing customer systems using the latest equipment and technology advancements to deliver process improvement and automation to its customers. PeakLogix generated approximately $25 million in revenue and $2 million in operating income in its 2019 fiscal year.
“The PeakLogix acquisition is a great strategic fit for Alta,” Alta CEO Ryan Greenawalt said. “The transaction is consistent with our strategy to grow our materials handling business, expand our geographic footprint and increase profitability through accretive acquisitions. PeakLogix will provide innovative, high technology products and service solutions across our materials handling business. We are excited to expand our scope and expertise in the fast-growing warehousing and logistics sector and to help these customers drive efficiency and productivity. We welcome Bob and Sandy Giberson and their team to the Alta family.”
Terms of the acquisition were not disclosed. The transaction is expected to close by the end of June, subject to customary conditions.
Alta 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 total locations across 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.