Alta Acquires Ginop Sales
Alta CE Adds Full-Lineup of Kubota Equipment to well-established Michigan Product Portfolio
LIVONIA, Mich.--(BUSINESS WIRE)-- Alta Equipment Group Inc. (NYSE: ALTG) (“Alta”) today announced that it has entered into a definitive agreement to acquire the stock of Ginop Sales, Inc., a privately held equipment distributor with three locations in Northern Michigan. This acquisition expands Alta’s construction equipment footprint to ten locations in Michigan and expands its relationship with a leading OEM.
Established in 1959, Ginop is an elite Kubota dealer and a trusted source of sales, rentals, service, and parts for the full line of Kubota equipment and attachments.
Ryan Greenawalt, Chief Executive Officer of Alta, said, “The acquisition of Ginop strengthens Alta’s business and product offerings in our home state of Michigan by expanding our relationship with Kubota, a world-class OEM. The acquisition builds on our strategy of providing customers with superior equipment and unrivaled product support. For over six decades, Ginop has been Northern Michigan’s trusted source for construction and agricultural equipment. Alta is honored to carry on the Ginop legacy and excited to add their talented team to the Alta family.”
Ginop Sales, Inc., generated approximately $65 million in revenue and had adjusted EBIT of approximately $6.5 million for the trailing-twelve-month period ended August 2021. Terms of the acquisition are expected to be disclosed upon closing. The transaction is expected to close prior to year-end, subject to customary conditions.
Breneman Advisors, LLC (www.brenadv.com) represented Ginop Sales, Inc. on the transaction.
About Alta Equipment Group Inc. 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 material handling and construction equipment. Alta has operated as an equipment dealership for 37 years and has developed a branch network that includes over 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.altg.com.
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Investors: Bob Jones / Taylor Krafchik Ellipsis IR@altg.com (646) 776-0886
Media: Glenn Moore Alta Equipment firstname.lastname@example.org (248) 305-2134
Source: Alta Equipment Group Inc.