LIVONIA—Officials at Alta Equipment Group Inc. (NYSE: ALTG) announced an agreement to acquire Hilo Equipment & Services, a privately held distributor of material handling equipment with three branches in the New York City metro area.
Hilo sells new and used material handling equipment, including equipment from Hyster-Yale Group Inc., Kelley and JLG, and offers repairs and maintenance. Hilo generated approximately $50 million in revenue and had adjusted earnings before interest, taxes, depreciation and amortization of approximately $3 million in its 2019 fiscal year.
“Hilo aligns perfectly with our growth strategy by expanding our distribution footprint with best-in-class OEMs and adding valuable and talented employees who will help drive our ‘Customers for Life’ mantra,” said Alta CEO Ryan Greenawalt. “Hilo’s strategic presence in the New York City area gives us a major market foothold and strengthens our overall coverage of the northeastern United States.”
Terms of the acquisition were not disclosed. The transaction is expected to close by Sept. 30.
Alta 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. More at www.altaequipment.com.