CEAC-2022-08-August

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Member News Alta Equipment Group Acquires Yale Industrial Trucks, Inc. LIVONIA, Mich. — Alta Equipment Group Inc. recently announced that it has entered into a definitive agreement to acquire Yale Industrial Trucks, Inc. (YIT), a privately held Yale lift truck dealer with five locations in southeastern Canada. The company provides sales, service, and rental of material handling equipment throughout its territory, which encompasses Canada’s two largest population centers of Toronto and Montreal. YIT has been a successful dealer since 1972, has more than 140 employees, 75 of which are service technicians and is headquartered in Woodbridge, Ontario. “The YIT acquisition is consistent with our growth strategy, which includes expanding into new markets which offer substantial opportunities to increase the scale of our business,” said Ryan Greenawalt, Chief Executive Officer of Alta. “This acquisition extends our operations into an international market for the first time, and bridges our existing U.S. territories. It will benefit our Material Handling business as Quebec and Ontario represent approximately 80 percent of the market opportunity in Canada, and the greater Toronto area is one of the top five industrial distribution markets in North America. Culturally, they have a rich 50-year history of providing outstanding service to customers in the Canadian market which fits with our focus. We’re pleased to welcome YIT to the Alta family.” YIT generated approximately $46.6 million in revenue and adjusted EBITDA of $9.4 million in the trailing 12 months through May <strong>2022</strong>. The implied enterprise value of the acquisition is estimated to be approximately $33.5 million, subject to post-closing purchase price adjustments. In connection with the YIT acquisition, Alta Equipment Group will be amending its ABL and Floorplan First Lien Credit Agreements. The amendment will, (i) exercise $80 million of the $150 million accordion function currently included in the Company’s asset-based revolving line of credit increasing borrowing capacity from $350 million to $430 million, which will include a $35 million Canadian-denominated sublimit facility; and (ii) increase the borrowing capacity of its revolving floor plan facility by $10 million from $50 million to $60 million. GET THE WORD OUT. Would you like to have your services or products featured in a video and general meeting webinar? Contact Alex Boerner at aboerner@chiefengineer.org for details. Alta Equipment Group expects to close both the acquisition of YIT and the amendments to its credit agreements in the third quarter. www.chiefengineer.org 48 | Chief Engineer
9341 Adam Don Parkway Woodridge, IL 60517 Phone: 630-887-7700 9200 S. Calumet Ave., Unit N501 Munster, IN 46321 Phone: 219-392-3000 24/7 Emergency: 800.794.5033 amsmechanicalsystems.com Volume 87 · Number 8 | 49
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