Alta Equipment Group will acquire Gibson Machinery in Oakwood Village, Ohio. The move will give Alta 32 locations in eight states and increase the number of manufacturers that it represents.
Gibson Machinery, located near Cleveland, Ohio, will expand Alta’s coverage of Northern Ohio, according to Alta CEO Ryan Greenawalt.
In a prepared statement, Greenawalt said, “Adding the Gibson team to the Alta family supports our growth within the Great Lakes region while broadening our best-in-class product portfolio and service capabilities. The transaction presents a good opportunity to expand our service operation and OEM relationships.”
Gibson Machinery generated approximately $19 million in revenue for the trailing-twelve-month period ended June 2021.
In related news, Alta acquired Baron Industries in Woburn, Massachusetts. Baron provides dock and door sales, service, and installation for the greater New England area, specializing in commercial overhead loading dock doors and equipment, hydraulic lifts, and vertical reciprocating conveyors.
“This strategic acquisition jump starts our expansion in the loading dock & door equipment business and immediately positions Alta as a leading provider throughout the northeast,” said Alan Hammersley, president, Alta Material Handling, in a statement. “Baron’s sterling reputation for service has made them the vendor of choice among general contractors, architects, government agencies, military sites, hospitals and more, which makes them an excellent fit with our customer first product support culture. This service capability expansion is another key step in our strategy to build out our full-service warehousing and logistics offering within our growing material handling segment.”
Baron generated approximately $6.0 million in revenue in the latest fiscal year. The purchase price includes certain tangible assets such as inventory, vehicles, and an $800,000 goodwill premium. The total purchase price is expected to be less than $2.0 million, subject to customary post-closing purchase price adjustments.
Source: Alta Equipment
