Editors note: This story has been updated.
Alta Equipment will acquire Burris Equipment Co. and its three Illinois locations. Burris handles Case, Kubota, and Wacker Neuson construction equipment, along with other brands. Branches are located in Waukegan, Lakemoor, and Joliet.
The deal does not include the Kubota contract. According to a Kubota spokesperson, the manufacturer will be replacing Burris in "the near future," and is working with surrounding Kubota dealers to support local customers in the interim.
“The acquisition of Burris will not only yield immediately accretive returns to shareholders but will also notably enhance our business in Illinois,” said Ryan Greenawalt, CEO, in a statement. “In addition to adding important infrastructure and industry talent to the Chicago area in our Construction Equipment segment, we also eagerly embrace new OEM relationships stemming from the Burris acquisition, while simultaneously expanding with existing OEM partners to best serve Burris customers.
“This acquisition will fortify our product support presence and rental capabilities in the market, opening doors for the growth of our high-margin parts and service business,” Greenawalt said.
According to Alta, Burris generated approximately $40.6 million in revenue, $1.9 million in net income, and EBITDA of $4.6 million for the trailing 12-month period through July 2023. The purchase price is $14.0 million in cash.
