Alta Equipment Acquires Yale Industrial Trucks - Alta Equipment Group (NYSE:ALTG)

Alta Equipment Group Inc ALTG has agreed to acquire Yale Industrial Trucks, Inc. (YIT), a privately held Yale lift truck dealer with five locations in southeastern Canada. The implied enterprise value of the acquisition is estimated to be ~$33.5 million.
Woodbridge, Ontario-based YIT provides sales, service, and rental of material handling equipment throughout its territory. YIT has been a dealer since 1972 and has more than 140 employees.
For the trailing twelve months through May 2022, YIT generated ~$46.6 million in revenue and an adjusted EBITDA of $9.4 million.
In addition, Alta Equipment plans to amend its ABL and Floorplan First Lien Credit Agreements in connection with the acquisition. It expects to close the acquisition of YIT and the amendments to its credit agreements in Q3.
Alta Equipment held cash in hand of $1.6 million as of March 31, 2022.
Price Action: ALTG shares are trading higher by 0.91% at $8.89 on the last check Wednesday.