Alta Equipment Group Inc. acquired Ault Industries Inc. from Jackson M. Ault for $36 million.
November 01, 2023
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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.
Alta Equipment Group Inc. owns and operates integrated equipment dealership platforms. Through its branch network, the Company sells, rents, and provides parts and service support for several categories of specialized equipment, including lift trucks, heavy and compact earthmoving equipment, environmental processing equipment, and other material handling and construction equipment. The Company operates through three segments: Material Handling, Construction Equipment, and Master Distribution. The Material Handling segment is principally engaged in operations related to the sale, service, and rental of lift trucks and other material handling equipment. The Construction Equipment segment is principally engaged in operations related to the sale, service, and rental of construction equipment. The Master Distribution segment is principally engaged in large-scale equipment distribution rights with sub-dealers throughout North America related to environmental processing equipment.