Alta Equipment Group Inc. (NYSE:ALTG) acquired Ault Industries Inc. from Jackson M. Ault for $36 million on November 2, 2023. Total purchase price of $36.0 million, consisting of $23.2 million cash at close, a $2.2 million seller note, and $10.6 million worth of Alta?s common stock, which will be issued at $13 per share, equating to 818,473 shares vesting annually over a five-year period. The purchase price is subject to post-closing working capital adjustments. Ault?s brand name, employees, and management team will remain in place post-close. Ault generated approximately $50.3 million in revenue, $4.5 million in net income, and $7.5 million in adjusted EBITDA for the trailing twelve months through June 30, 2023 and is expected to be immediately accretive to the Company?s free cash flow conversion, profitability, and earnings per share ratios.

Alta Equipment Group Inc. (NYSE:ALTG) completed the acquisition of Ault Industries Inc. from Jackson M. Ault on November 2, 2023.