B. Riley Principal Merger Corp. Announces Stockholder Approval of Business Combination with Alta Equipment Holdings, Inc.
NEW YORK, Feb. 11, 2020 /PRNewswire/ -- B. Riley Principal Merger Corp. (NYSE: BRPM, BRPM WS, BRPM.U) ("BRPM" or the "Company"), a special purpose acquisition company sponsored by an affiliate of B. Riley Financial, Inc. (Nasdaq: RILY) ("B. Riley Financial"), today announced that its stockholders have voted in favor of the Company's proposed initial business combination (the "business combination") with Alta Equipment Holdings, Inc. ("Alta"), a leading provider of premium industrial and construction equipment and related services.
The business combination is expected to close on February 14, 2020, subject to the satisfaction of certain customary closing conditions. Upon closing, the Company will be renamed Alta Equipment Group Inc. Shares of the Company's common stock are expected to begin trading on the New York Stock Exchange under the ticker symbol "ALTG" on February 18, 2020.
Dan Shribman, Chief Investment Officer of B. Riley Financial and Chief Financial Officer of BRPM, stated, "Today's high percentage stockholder approval of the business combination validates our belief in Alta's potential and its market leadership as the largest and only pure-play industrial and construction equipment dealer trading in the public market."
Ryan Greenawalt, Chief Executive Officer of Alta, added, "Establishing a public currency will facilitate Alta's ability to execute on the significant growth opportunity that lies ahead, while offering investors a unique opportunity to benefit from the growth and consolidation occurring in the construction and industrial markets. We look forward to welcoming our new stockholders and thank Alta's dedicated employees and partners who made this milestone event possible."
Alta's previously announced acquisitions of Liftech Equipment Companies, Inc. ("Liftech") and FlaglerCE Holdings, LLC ("Flagler") are expected to close concurrently with the completion of the business combination.
About Alta Equipment Holdings Inc.
Alta owns and operates one of the largest integrated equipment dealership platforms in the U.S. Through its branch network, 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 31 total locations in Michigan, Illinois, Indiana, and New England. 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.
About B. Riley Principal Merger Corp.
B. Riley Principal Merger Corp. is a blank check company incorporated for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses. The Company raised $143.75 million in its initial public offering and began trading on the New York Stock Exchange in April 2019. Its shares of Class A common stock, units and warrants trade under the ticker symbols "BRPM," "BRPM.U" and "BRPM WS," respectively.