ALTG - Alta Equipment Group to acquire privately held Yale Industrial Trucks
- Alta Equipment Group ( NYSE: ALTG ) to acquire Ontario-based Yale Industrial Trucks, a privately held Yale lift truck dealer with five locations in southeastern Canada.
- The deal expands company’s North American presence into major Canadian markets.
- Yale provides sales, service, and rental of material handling equipment throughout its territory, which encompasses Canada's two largest population centers of Toronto and Montreal.
- The implied enterprise value of the acquisition is estimated to be ~$33.5M, subject to post-closing purchase price adjustments.
- Pursuant to the deal, the company will be amending its ABL and Floorplan First Lien Credit agreements.
- The amendment will 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; and increase the borrowing capacity of its revolving floor plan facility by $10 million from $50 million to $60 million.
- The company expects to close both the acquisition of YIT and the amendments to its credit agreements in the third quarter.
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Alta Equipment Group to acquire privately held Yale Industrial Trucks