LIVONIA—Officials at Alta Equipment Group Inc. (NYSE: ALTG) announced an agreement to acquire the assets of Hooksett, N.H.-based Ambrose Equipment LLC, a privately held asphalt equipment distributor with locations in New Hampshire and Massachusetts. The acquisition expands Alta’s construction equipment footprint to 39 locations in 10 states.
Ambrose offers a full line of road equipment products and specialty attachments, as well as service, rentals and replacement parts.
Ryan Greenawalt, Chief Executive Officer of Alta, said, “For over three decades, Ambrose has been the ‘go-to’ asphalt paving products dealer in New England. With the acquisition of Ambrose, Alta Equipment now offers the most diverse road construction equipment portfolio of products and services in the New England region. By expanding our capabilities, OEM relationships within our territories, we continue to execute on our strategy of expanding our parts and service business and diversifying our offerings to customers.”
Ambrose Equipment generated approximately $35 million in revenue and had adjusted earnings before interest, taxes, depreciation, and amortization of approximately $3.1 million for the trailing-12-month period ended Aug. 31. Terms of the acquisition will be disclosed upon closing. The transaction is expected to close before year-end, subject to customary conditions.
Alta owns and operates one of the largest integrated equipment dealership platforms in the United States. 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 material handling and construction equipment. Alta has operated as an equipment dealership for 37 years and has developed a branch network that includes over 55 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.