Alta Equipment files for offering of preferred stock

NOVI—Alta Equipment Group Inc., (NYSE: ALTG), the provider of industrial and construction equipment and services, announced it has filed a registration statement on Form S-1/A with the U.S. Securities and Exchange Commission for a public offering of depositary shares, each representing 1/1000th fractional interest in a share of the Company’s Series A Cumulative Perpetual Preferred Stock, with a liquidation preference equivalent to $25 per depositary share.

Company officials said they expect to grant the underwriters a 30-day option to purchase additional depositary shares in connection with the offering to cover overallotments. The depositary shares are anticipated to trade on the New York Stock Exchange under the symbol ALTG PR A.

B. Riley Securities, D.A. Davidson & Co., Ladenburg Thalmann, and William Blair & Co. are acting as joint book-running managers for this offering. Boenning & Scattergood is acting as lead manager with Huntington Capital Markets and Colliers Securities as co-managers.

A registration statement relating to the proposed public offering of the depositary shares has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.

Alta expects to use the net proceeds of this offering primarily to continue to fund its growth, including future acquisitions and investments and for general corporate purposes.

“Our acquisition pipeline continues to be more attractive than anticipated since we became a public company earlier this year,” said Alta CEO Ryan Greenawalt. “The proposed offering will provide additional support to execute our acquisition plan, which remains a key pillar of our long-term growth strategy. We believe it’s prudent, and in our shareholder’s best interest, to raise incremental capital at this time given the favorable market conditions and our ability to earn accretive returns well beyond the cost of the incremental capital. Since becoming public, the company has deployed $151 million in capital. These acquisitions have expanded the company’s geographic footprint, technician headcount, product lines, and OEM relationships while contributing approximately $34 million in adjusted EBITDA.”

When available, a copy of the prospectus relating to these securities may be obtained from the SEC at http://www.sec.gov or by contacting B. Riley Securities, Inc. 1300 17th Street North, Suite 1300, Arlington, VA 22209, Attn: Prospectus Department, email: prospectuses@brileyfin.com.

More at www.altaequipment.com.

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