Alta Equipment Group today has entered into a definitive agreement to acquire Hilo Equipment & Services, a privately held distributor of material-handling equipment with three branches in the New York City metro area.
Hilo sells new and used material-handling equipment, partnering with manufacturers including Hyster-Yale, Kelley, and JLG, and offers repairs and maintenance through its service team. Hilo generated approximately $50 million in revenue and had Adjusted EBITDA of approximately $3.0 million in FY2019.
Ryan Greenawalt, CEO of Alta, said, “Hilo aligns perfectly with our growth strategy by expanding our distribution footprint with best-in-class OEMs and adding valuable and talented employees who will help drive our 'Customers for Life' mantra. Hilo’s strategic presence in the New York City area gives us a major market foothold and strengthens our overall coverage of the northeastern U.S. We are delighted to welcome the Hilo team to the Alta family.”
Terms of the acquisition were not disclosed. The transaction is expected to close in early Q3 2020, subject to customary conditions.
Source: Alta Equipment