An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Alta Equipment Group Inc. (NYSE: ALTG) announced its acquisition of Midwest Mine Services, enhancing its engineering and design capabilities in the construction sector. Midwest Mine Services, based near Toledo, Ohio, specializes in aggregate processing plants and is well-established in the U.S. market, generating approximately $17 million in revenue and $1.3 million in adjusted EBITDA for the trailing twelve months. The acquisition, expected to close in Q4 2021, will drive synergies and expand Alta's OEM relationships.
Positive
Acquisition of Midwest Mine Services enhances engineering and design capabilities.
Expected synergies and cross-selling opportunities with existing operations.
Alta Expands Engineering and Design Capabilities in its Construction Business Segment
LIVONIA, Mich.--(BUSINESS WIRE)--
Alta Equipment Group Inc. (NYSE: ALTG) (“Alta”) today announced that it has entered into a definitive agreement to acquire Midwest Mine Services LLC, a privately held company headquartered near Toledo, Ohio.
Midwest Mine Services designs, fabricates, and installs full aggregate processing plants for quarries, mines and recycling operations throughout the United States and is well-established in the Ohio and Michigan markets. The company is also the authorized dealer for several original equipment manufacturers and their component supply partners, further expanding Alta’s OEM relationships.
Ryan Greenawalt, Chief Executive Officer of Alta, said, “We’re pleased to welcome the Midwest Mine Services team to the Alta family. Strategically, this acquisition expands our expertise in a construction end market with ever-increasing demand for high-end engineering and design services. Our current presence with customers in the aggregate processing industry will help drive synergies and cross selling opportunities between Midwest Mine and our existing business. The company has the ability to operate across the entire United States, which will allow us to deploy Midwest Mine’s solutions throughout our footprint and beyond. Midwest Mine Services also fits well with Alta’s culture as it has built an outstanding record of delivering custom solutions and high-quality service. We welcome Bob Keaton and his entire team to the Alta family.”
Midwest Mining Services generated approximately $17 million in revenue and had adjusted EBITDA of approximately $1.3 million for the trailing-twelve-month period ended July 2021. Terms of the acquisition were not disclosed. The transaction is expected to close in the fourth quarter of 2021, subject to customary conditions.
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 55 total locations across Michigan, Illinois, Indiana, New England, New York, Virginia, Florida, and Ohio. 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.
Forward Looking Statements
This presentation includes certain statements that may constitute “forward-looking statements” for purposes of the federal securities laws. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements may include, for example, statements about: our future financial performance; our plans for expansion and acquisitions; and changes in our strategy, future operations, financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management. These forward-looking statements are based on information available as of the date of this presentation, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing the parties’ views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. You should not place undue reliance on these forward-looking statements. As a result of a number of known and unknown risks and uncertainties, actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include, but are not limited to: (1) the outcome of any legal proceedings that may be instituted against us relating to the business combination and related transactions; (2) the ability to maintain our listing of shares of common stock on the New York Stock Exchange; (3) the risk that integrating our acquisitions disrupts our current plans and operations; (4) the ability to recognize the anticipated benefits of our business combination and acquisitions, which may be affected by, among other things, competition, our ability to grow and manage growth profitably, our ability to maintain relationships with customers and suppliers and retain our management and key employees; (5) changes in applicable laws or regulations; (6) the possibility that we may be adversely affected by other economic, business, and/or competitive factors; (7) disruptions in the political, regulatory, economic and social conditions domestically or internationally; (8) major public health issues, such as an outbreak of a pandemic or epidemic (such as the novel coronavirus COVID-19), which could cause disruptions in our operations, supply chain, or workforce; and (9) and other risks and uncertainties identified in this presentation or indicated from time to time in the section entitled “Risk Factors” in our annual report on Form 10-K and other filings with the U.S. Securities and Exchange Commission (the “SEC”). The company cautions that the foregoing list of factors is not exclusive, and readers should not place undue reliance upon any forward-looking statements, which speak only as of the date made. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.
